It’s the world and everything in it
Economics is about trying to “square the circle” of unlimited wants and scarce resources.
As a social science, Economics fits neatly between the arts and the sciences and appeals to students from both traditions. There is a strong theoretical component to Economics, but the subject is driven by a need to explain the real world.
Economics splits itself into microeconomics (the study of the individual markets – explaining why oil prices rise or low-cost airlines are so successful) and macroeconomics (the study questions facing the economy as a whole, e.g. Why is unemployment rising?)
The department offers AQA Economics. This is available as a two- or one-year course.
The nature of the course makes it extremely easy for students to come to us after their first year and complete their A level course, and a number of students do this – encouraged by the quality of teaching and subject expertise we have to offer.
The three exams reflect the natural split in the subject material. Unit 1 focuses on microeconomic elements – how markets work and why they fail, along with a study of different types of market structure. We also consider labour markets to explain, for example, why football stars earn more than nurses and, developing this theme, the distribution of income and wealth and the effects of poverty. A new addition to the micro side of the course is an introduction to Behavioural Economics, explaining why people make bad decisions and how they can be ‘nudged’ into better ones.
In Unit 2 the focus is on macroeconomics studying the National Economy, for example how the government can use different policies to tackle inflation, unemployment or economics shocks and the part it plays within the global economy. A recent addition to the macro course has been an assessment of financial markets and the part they play in the wider economy. Unit 3 has a mixture of questions testing students’ knowledge of both micro and macroeconomic concepts, and their ability to bring these concepts together.
We have the experience to help you achieve a top grade on the one year course even if you have previously studied Edexcel or some other board.