A LEVEL

Economics

What is Economics?

Economics is the study of scarcity, and concerns the allocation of society’s scarce resources amongst their many competing uses; it looks at the way the world works. You will study the forces that shape our lives, such as the behavioural factors that influence our decision-making, growing inequalities and employment prospects; the opportunities and challenges facing a post-Brexit UK; the importance of aid and international trade for economic development; and the impact of environmental factors.

What Will You Study?

You will study both micro- and macroeconomics. The microeconomic module includes the basic economic problem, how markets work, and what happens when they fail to work properly, this is known as market failure.

In macroeconomics you will learn about how a government attempts to manage the economy, and deal with unexpected economic shocks, using the various tools it has available, in order to meet the four key macroeconomic objectives, and achieve its overriding aim of maximising the welfare of its citizens.

In the second year you will develop further the economics you have learned previously using more complex models. In addition, the macroeconomic content includes international trade development and financial markets. In the microeconomic module, you will study behavioural theories; business economics, the labour market, including poverty and the causes and effects of inequalities in the distribution of income and wealth.

What Next?

Economics is a highly versatile subject that could provide many different career pathways. Many students decide to study the subject at university, and from there go on to work as economists in various fields such as with the Bank of England, the CBI, accountancy firms, in economic ‘think-tanks’, for example, the Institute of Fiscal Studies, in charitable organisations, in multinational corporations, or in government departments.

Economics A Level students are also very well-prepared for the workplace, with many taking up apprenticeship schemes, such as in accountancy or project management in firms such as BAE Systems and Rolls Royce.

Exam Board

AQA

Entry Requirements

At least two 5s and three 4s at GCSE, including at least a 6 in Maths and a grade 5 in English Language.

Course Type

A Levels

What other subjects go well with this?

Maths, Business Studies, Geography, History, Politics, Accounting, English and a range of science subjects.

Did you know?

The world’s 100 richest people earned enough money in 2012 to end global poverty four times over.