Economics is about studying the world around us from a social, financial and cultural perspective. You will study how economies allocate their scarce resources to meet the needs and wants of their citizens, and learn about the economic problems which face individuals, firms and governments on a local, national and global level and the alternative ways these problems can be resolved. Macro-Economics investigates the working of the whole economy; analysing possible causes of inflation, unemployment, and the effects of government intervention. You will also examine the complex interdependence between economies. Micro-Economics examines the way in which the price system of free enterprise economies allocates scarce resources. The syllabus also includes concepts such as behavioural economics, which considers how consumers make decisions based on emotions rather than rationality, and the analysis of financial markets.
Theme 1: Introduction to markets and market failure. This theme sets the foundation for the study of Economics and introduces the microeconomic nature of economics, looking at economic problems and the ways economists think and work. You will develop an understanding of how an economy functions and gain a new vocabulary, which will allow you to discuss economic issues.
Theme 2: The UK economy – performance and policies. This theme identifies what we expect the UK government to achieve. You will examine the effectiveness of policies that are aimed at achieving objectives such as economic growth, inflation and unemployment.
Theme 3: Business behaviour and the labour market. This theme examines the economic environment in which businesses compete and how government manages and regulates business. It also examines the key features of the labour market, wage rates and unemployment.
Theme 4: A global perspective. This theme examines issues such as the causes and impact of globalisation, international economics, poverty and inequality, developing economies and the financial sector. It also examines government policies to achieve objectives in a global context. This theme also considers the role and impact of the financial sector.
(Exam board: Pearson Edexcel)
(Specification code: 9EC0)
The varied nature of the course lends itself to a range of teaching approaches, whole class and small group work, learning and research activities and skills development from essay writing to data analysis. You will be encouraged to develop an enquiring, critical and thoughtful approach to the study of economics and develop an ability to think as an economist.
Paper 1: Themes 1 & 4, 2 hours
Paper 2: Themes 2 & 3, 2 hours
Paper 3: All themes, 2 hours
You must have either of the following:
- Grade 6 in GCSE Maths and grade 5 in GCSE English or
- Grade 5 in GCSE Maths and grade 6 in GCSE English
You should also have an average GCSE score of 5.5.
In this subject, particular skills and aptitudes will be required, many of which will be demonstrated by students’ GCSE profiles.
Students will also need to meet the general College entry requirements. Entry requirements are subjects to change.
Studying Economics will help you develop transferable skills that will prepare you for studying at university or moving into the world of work. Suitable higher education courses include Economics degrees or degrees in Applied Economics such as Environmental Economics, Labour Economics, Public Sector Economics or Monetary Economics. You might choose to study Business Economics, Econometrics or a Business and Management degree. Economics students can follow a wide range of careers in Industry, Commerce, Finance and the Civil Service.
Economics combines well with a range of different subjects. For example, the analytical approach used is similar to Mathematics courses, while the essay writing and research techniques are similar to those in History, Law and Psychology. Other subjects based around an interest in current events and how society functions are Politics, Sociology and Business Studies.