Economics

Why study Economics?

Anyone who is interested in knowing more about human behaviour will find economics fascinating.  Economists study how individuals and groups of people make choices about what to do with their limited resources. Economics is not just about money, business and the stock market. These are important aspects of the subject but economics also deals with wider social and environmental issues including climate change, globalisation, sustainable development and the distribution of income and wealth.

 

Students of economics develop a host of practical and transferable skills that benefit them in education and in the world of work. These include critical investigation, analytical thinking, oral and written communication, numeracy, research, ICT and handling of data. Furthermore, the potential earnings for students with a degree in Economics is among the highest for all graduates, and there are currently shortages of qualified economists.

 

Economics opens up a wide range of opportunities for further and higher education and interesting and rewarding careers. It also combines well with other social sciences and the humanities, with foreign languages, with mathematics and sciences and with vocational subjects such as engineering, manufacturing and business.  It is also very useful for those thinking of careers such as accountancy, business management, banking, finance, government services and professions such as teaching and law.

 

GCE Economics AS & A2

The revised OCR GCE Economics specification (from September 2008) helps students gain an insight into some of the major issues facing society today. It encourages students to:

  • develop an interest and enthusiasm for the study of economics;
  • appreciate the subject's contribution to the understanding of the wider economic and social environment;
  • develop an understanding of a range of concepts and an ability to use these concepts in a variety of different contexts;
  • use an enquiring, critical and thoughtful approach to the study of economics and an ability to think as an economist; and
  • develop skills, qualities and attitudes that will equip them for the challenges, opportunities and responsibilities of adult and working life.

 

AS/A2 Content

The revised GCE Economics specification is available at two levels: AS and A Level. Students can take the AS course as a final qualification or as the first half of the A Level qualification. Students who wish to obtain a full A level qualification must also complete the second half of the course, which is referred to as A2.The course comprises four units: two at AS level and two at A2 level. These are outlined in the table below:

Unit

Summary of Content

AS Unit 1 : Markets in Action

  • The reasons for individuals, organisations and societies having to make choices;
  • Competitive markets and how they work; and
  • Market failure and government intervention

AS Unit 2 : The National and International Economy

  • Aggregate demand and aggregate supply and their interaction;
  • Government economic policy objectives and indicators of national economic performance; and
  • The application of macroeconomic policy instruments and the international economy

A2 Unit 1 : Transport Economics

  • Transport, transport trends and the economy;
  • Market structures and competitive behaviour in transport markets;
  • Market failure and the role of intervention in transport markets; and
  • Transport economics and government policy

A2 Unit 2 : The Global Economy

  • Macroeconomic Performance;
  • Trade and integration;
  • Development and sustainability; and
  • The economics of globalisation


Unit

Assessment

AS GCE Economics Scheme of Assessment (H061)

AS Unit 1 : Markets in Action

  • 50% of the total AS GCE marks;
  • 1.5h written paper;
  • 60 marks;
  • All questions are mandatory.

AS Unit 2 : The National and International Economy

  • 50% of the total AS GCE marks;
  • 1.5h written paper;
  • 60 marks;
  • All questions are mandatory.

Advanced GCE Economics (H461)

AS units as above, each unit being 25% of the total Advanced GCE marks, as well as

A2 Unit 1 : Transport Economics

  • 25% of the total Advanced GCE marks;
  • 2h written paper;
  • 60 marks;
  • Section A - one mandatory data-response question;
  • Section B - answer one structured question from a choice of three;
  • Synoptic unit.

A2 Unit 2 : The Global Economy

  • 25% of the total Advanced GCE marks;
  • 2h written paper;
  • 60 marks;
  • Candidates are required to answer questions based upon pre released stimulus material;
  • Some questions may involve data interpretation;
  • Most questions will require an essay style answer;
  • Synoptic unit.

 

There is no coursework.

 

Extra-Curricular

The Economics Department participates in competitions throughout the year.

 

The Bank of England and The Times Interest Challenge. Pupils are invited to take on the role of the Bank of England's Monetary Policy Committee. A team, consisting of 4 pupils, must assess the state of the economy and the outlook for inflation, and then set the interest rate to meet the Government's inflation target. It then presents its analysis and its decision to a panel of Bank of England judges. This competition brings students into direct contact with working economists and allows them to apply economic concepts and principles to the analysis of developments in the real economy.