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EconomicsAims and philosophyEconomics is the study of how societies allocate their scarce resources in the face of unlimited human wants. Through studying Economics at AS and A-level, pupils will: develop an understanding of current economic issues, problems and institutions that affect everyday life, learn to explain a variety of real-world phenomena from an economic perspective, and learn to analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of the government within it. Economics at AS and A2 level requires a reasonable level of numeracy, but it is not mathematical. The main skill that a good economist needs is the ability to analyse economic data, to interpret graphs and tables, to identify trends, and to explain these using economic theory. This requires a clear mind and an ability both to think logically and to write good quality English.Curriculum by year-groupAS: Unit 1: basic microeconomic models such as demand and supply, and the operation and failings of the price mechanism, are used to analyse the behaviour of consumers and firms. Pupils will apply their knowledge and skills to a wide variety of situations and to different markets such as commodity markets, agriculture, transport and health care.Unit 2: Basic macroeconomic models are used to explain the behaviour of the national economy and to explore issues such as consumption, investment, inflation and unemployment. Pupils will gain an understanding of recent economic developments and will use their knowledge to assess government policy. They will also appreciate the extent to which the UK economy is influenced by its membership of the EU and external events in the international economy. Unit 3: Pupils apply the economic concepts and theories they have studied to the housing market. Examples of issues covered include regional house price differentials and the relationship between the housing market and developments in the national economy. A2-level: Unit 4: Pupils undertake an investigation into an economic issue of their choice and prepare a report of 3,500-4,000 words. This module provides the opportunity for pupils to think and work like a professional economist, using the concepts, theories and techniques they have acquired during the course for the purposes of analysing economic issues, evaluating arguments and evidence, and recommending reasonable solutions to problems. Unit 5: The models of competition, monopoly and oligopoly are used to analyse the behaviour of firms. Pupils also gain an understanding of the labour market and the factors which influence wage rates and the distribution of income and wealth. Unit 6: This module builds on the knowledge and skills acquired in Module 2, using more advanced economic models to understand issues such as booms and recessions, monetary and fiscal policy, exchange rate fluctuations and the arguments surrounding the Euro. Outside the classroomThe Pigou Society attracts large numbers of boys to hear such distinguished speakers as Professor Patrick Minford, Ian McCafferty (Chief Economist at the CBI), and James Bartholomew (author of The Welfare State We're In). |
