Economics

Economics is a good subject for developing personal transferable skills. It is intellectually robust and of contemporary relevance. It can prepare students for very high-powered jobs that can be rewarding financially and intellectually. Many economics graduates have excellent, demanding and rewarding jobs.

You will develop the knowledge and skills needed to understand and analyse data, think critically about issues and make informed decisions.  You will also build upon your quantitative skills and appreciate that, when evaluating arguments, both qualitative and quantitative evidence are important.

The subject content consists of Micro and Macro Economics. This will be taught in 4 units over the two years. In Year 12 the focus is on both Microeconomics and Macroeconomics.

The operation of markets

  • The economic problem and economic methodology
  • Price determination in a competitive market
  • Production, costs and revenue
  • Competitive and concentrated markets
  • The market mechanism, market failure and government intervention in markets

The national economy in a global context

  • Measurement of macroeconomic performance
  • How the macro economy works: the circular flow of income, AD/AS analysis and related concepts
  • Economic performance
  • Macroeconomic policy

In Year 13 students will be building on the topics covered in the first year:

Individuals, firms, markets and market failure

  • Individual economic decision making
  • Production costs and revenue
  • Perfect competition, imperfectly competitive markets and monopoly
  • The labour market
  • The distribution of income and wealth: poverty and inequality
  • The market mechanism, market failure and government intervention in markets

The national and international economy

  • The measurement of macroeconomic performance
  • How the macroeconomy works: the circular flow of income, AD/AS analysis and related concepts
  • Economic performance
  • Financial markets and monetary policy
  • Fiscal policy and supply-side policies
  • The international economy

Extended reading is recommended for this course where students are encouraged to read the news and be aware of political decision made so the effects can be discussed in the classroom. www.tutor2u.net is a recommended website for understanding concepts and reading topical news.

When circumstances allow, we often attend the tutor2u Economics conference.

The A Level course is assessed by taking three written examinations at the end of Yr13.

Paper 1 – Markets and market failure

Paper 2 – National and international economy

Paper 3 – Economic principles and issues

For more information on the course please visit AQA website: http://www.aqa.org.uk/subjects/business-studies/a-level/economics-7136

Please contact us at economicsenquiries@foxford.coventry.sch.uk if you should need to speak to the Faculty Leader or to get a message to your child’s Economics teacher.