Economics
Exam board: AQA
Course code: 7136
https://www.aqa.org.uk/subjects/economics/a-level/economics-7136/specification
Entry requirement: Grade 6 in Mathematics and English (Language or Literature)
A Level Economics aims to develop an understanding of how individual markets work and their impact on the national economy. It helps to give an insight into key issues in the news that impact our everyday lives. The course aims to develop a critical understanding of the micro and macroeconomic concepts, theories, principles and policies which are used to solve the problems facing modern economies. By the conclusion of the course students will be able to analyse economic problems and evaluate the economic policies that can be undertaken to deal with them.
Subject Content
The content of the A Level Economics course is split into two sections: micro and macroeconomics. In microeconomics students acquire knowledge and understanding of a selection of models and apply these to current problems and issues. Students learn how individual markets operate in order to derive the market price and output. As part of this section the course considers a variety of market structures from highly competitive markets to situations where there is only one seller in the market. Students finally consider why markets do not always operate as efficiently as they should and thus the intervention methods that the government undertakes to attempt to resolve the market failure caused.
In macroeconomics students firstly study how the economy works through an understanding of the circular flow of income and aggregate demand and supply. Students then consider the main criteria used to measure economic performance, including economic growth, unemployment, inflation and the balance of payments. This awareness of the main government economic policy objectives underpins the rest of the unit as all policies will be evaluated based around these targets. Finally, students gain an understanding of the main policies the government adopts to help control and manage the economy. Throughout the unit students develop a good knowledge of developments in the UK economy and government policies over the past fifteen years.
Course Assessment
A Level Economics involves three 2 hour examinations at the end of the 2 year course. The examinations contain a mixture of multiple choice questions, short answer questions, questions on stimulus material and essay questions which require extended writing.
Higher Education and Careers
It should be noted that students considering pure Economics in higher education should consider studying A Level Mathematics as this is often a requirement for a pure Economics degree. Many students go on to study Economics at university either purely or in combination with another subject. Qualifications in Economics may lead to a wide range of subject related careers such as accountancy, administration, banking, business economics, financial services, politics, social studies, economic and political research and statistics.
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