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?

In the first year 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.

You will consider whether or not government intervention in markets is necessary, and if so, which are the most effective policies to use.
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. Throughout the course you will build up your economist’s toolkit of theories and models, and you will learn to apply them to a range of contemporary contexts.

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 and in economic ‘think-tanks’.
Economics also provides an excellent complement to degrees in Business, Maths, History, Politics, Modern Foreign Languages and Philosophy.
If university is not your preferred route, Economics A Level students are also very well-prepared for the workplace, and a number of students go on to work on 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 5 in GCSE Maths and a grade 4 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.

Interesting Fact:

Almost 20% of students successfully obtained apprenticeships last year: one with BAE, and seven with accountancy firms, including three who gained a place on the prestigious KPMG scheme.