Economics

AS and A2 Level at Netherhall

“The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.” – Marcus Tullius Cicero (Ancient Rome)

“Economics is the science that studies how people and societies make decisions that allow them to get the most out of their limited resources.” – Sean Massaki Flynn.

What is Economics About?

In general, human wants seem to be limitless but our resources… land, labour and capital… cannot satisfy all of these wants all of the time. We have to make choices about what to produce and we have to decide how to share out production. In practice, Economics has something to say about every aspect of life both at a theoretical and ‘practical’ level. For example, economists deal with issues such as traffic congestion, public health, business decision-making and Europe, which, at first, may seem unrelated.

How will the subject be examined?

AS outline

At AS, this specification will enable candidates to develop an understanding of, and an insight into, micro and macroeconomics.

The AS specification has 2 units:

Unit 1: Markets and market failure

Topic list

• The economic problem
• The allocation of resources in competitive markets
• Production and efficiency
• Market failure
• Government intervention in the market

Assessment

Written Paper:	1 hour 15 minutes
Weighting:	25% of total A Level marks
	75 raw marks (100 UMS)
Section A:	25 compulsory OT items (25 marks)
Section B:	Two optional data response questions are set; candidates answer one.

Each question will have four sub-questions, carrying 5, 8, 12 and 25 marks (50 marks in total).

Unit 2: The National Economy

Topic list

• The measurement of macroeconomic performance
• How the macroeconomy works:
  AD/AS analysis, the circular flow of income, and related concepts
• Economic performance
• Macroeconomic policy

Assessment

Written Paper:	1 hour 15 minutes
Weighting:	25% of total A Level marks
	75 raw marks (100 UMS)
Section A:	25 compulsory OT items (25 marks)
Section B:	Two optional data response questions are set; candidates answer one.

Each question will have four sub-questions, carrying 5, 8, 12 and 25 marks (50 marks in total).

A2 outline

At A2, candidates develop the micro and macroeconomics already learnt at AS, considering economic concepts and theories in greater depth and recognising the values and limitations of economic models. Both A2 modules explore two contemporary and relevant contexts: the global context, which includes the impact of globalisation on UK economic performance; and the European Union context, embracing the effect of EU membership and economic policy on the UK economy.

The A2 specification has 2 units:

Unit 3: Business Economics and the Distribution of Income

Topic list

• The firm: objectives, costs and revenues
• Competitive markets
• Concentrated markets
• The labour market
• Government intervention in the market.

Assessment

Written Paper:	2 hours
Weighting:	25% of total A Level marks
	80 raw marks (100 UMS)
Section A:	Two optional data response questions are set; candidates answer one.

Each question will have three sub-questions, carrying 5, 10 and 25 marks (40 marks in total). One question will always relate to a global context and the other to a European Union context.

Section B:

Three optional essay questions are set; candidates answer one.

Each question will have two sub-questions, carrying 15 and 25 marks (40 marks in total)

Unit 4: The National and International Economy

Topic list

• Macroeconomic indicators
• Managing the national economy
• The international economy

Assessment

Written Paper:	2 hours
Weighting:	25% of total A Level marks
	80 raw marks (100 UMS)
Section A:	Two optional data response questions are set; candidates answer one.

Each question will have three sub-questions carrying 5, 10 and 25 marks (40 marks in total). One question will always relate to a global context and the other to a European Union context.

Section B:

Three optional essay questions are set; candidates answer one.

Each question will have two sub-questions, carrying 15 and 25 marks (40 marks in total).

What do students do with Economics after ‘A’ level?

Economics is a very ‘long-established’ social science.  Students have gone on to Higher Education in a wide range of subjects which includes some Economics content in many cases.

Degree courses in the following areas are common:  Business and Management, Law, Politics, History, Accounting, Geography, Maths, Languages and, of course, Economics itself.

Those who take Economics related degrees stand a good chance of obtaining much higher than average starting salaries!

We have an outstanding record of Oxford and Cambridge successes.

Requirements for entry to Economics ‘A’ level
Certainly a broad education is highly desirable with a good range of subjects at grade C and above.  English Language and Maths at a minimum of Grade C are essential.  Otherwise, there are no specific requirements.  We would however recommend that our students are highly motivated and organised as the concepts covered will be wide ranging and thought provoking.

Economics students at AS/A2 level must be prepared to manipulate data and be able to work with theoretical models.

For more in-depth information about the Economics course click here.