Welcome
What is Economics all about? Economics, it has been said, makes the world go round. Few decisions are taken that are not influenced to some degree by economics.

Economics is, in essence, about the allocation of scarce resources in a world of unlimited wants. The reason that we face economic problems individually and as a nation is that none of us can have all that we want – we live in a world of scarcity. As a result of this we all have to make choices.

You will have to make a choice about how you decide to earn an income and how you will spend it. You must vote for politicians who decide how much of your income to tax and how to spend the tax revenues. You will purchase products from businesses that decide how much to buy from and sell to the rest of the world.

Economics is studied because the economic system that we have helps to determine our political, social, religious and personal environment.


Why study Economics AS and A Level? Taking Economics will give you the opportunity to develop an understanding of how the economy works and, through concepts and theories, you will consider current economic issues and how they affect your everyday life. The course is designed to provide you with the knowledge and skills that will stimulate an interest in the subject and the world around you and will enable you to have a critical appreciation of current economic issues and their impact on society.

So, what does this mean for you as a potential Economics student? In the Lower Sixth you will cover a number of topics relating to:

  • microeconomics (the theory relating to how individual markets work - micro means small). It includes price theory, the theory of the firm and the study of labour markets. A wide range of questions will be addressed, such as: what should be produced? How do consumers chose what to consume? What determines the level of income received by individuals?

  • macroeconomics (the study of the whole economy – macro means ‘large’). The main elements within the macroeconomy are firms, consumers, the government and other countries. Important topics are the trade cycle, international trade and the financial system.

In the Upper Sixth you will cover a number of topics relating to

  • competition and competitive behaviour in relation to macroeconomics and globalisation (the process by which there is an increasing world market in goods and services and an increasing integration in world capital markets).

  • macroeconomic issues and the global economy in relation to unemployment, inflation, economic growth, theory of trade, balance of payments, international economic institutions (EU) and economic development.


Teaching staff: Dr Thomason teaches the AS and A2 classes in Block C and Mrs Hayter teaches the AS and   A2 classes in Block E.

Exams:

L6 - There is no January module in AS Economics (the Exam Board believes that it takes all the year to build up the skills necessary to take exams). The two exams in the summer are as follows:

EC1 - Friday 18th May 2012 at 2.00 p.m. (1 hour)
EC2 - Friday 25th May 2012 at 9.00 a.m. (2 hours)

Both exams cover the whole content of the Specification.


U6 - There are two A2 exams, both of which cover the whole content of the Specification, in June 2012 as follows:

EC3 - Tuesday 12th June at 2.00 p.m. (1 hour 45 minutes)
EC4 - Wednesday 20th June at 9.00 a.m. (2 hours)

(For those students wishing to resit EC1 and/or EC2, the relevant dates in January 2012 are:
EC1 - Thursday 12th January at 9.00 a.m..
EC2 - Wednesday 18th January at 9.00 a.m.)