In the first year of our Economics course, we will be introduced to and explore some of the basic concepts of microeconomics and macroeconomics.
Microeconomics focuses on the basic economic problem of infinite wants and finite resources, and the roles of individuals and firms, and markets and governments, in determining what is produced, how production is organised, and the methods of allocating what is produced. Questions which can be addressed include: ‘Why are house prices so high?’, ‘Can pollution be effectively controlled?’ and ‘When, why, and how should governments intervene with markets?’.
Macroeconomics is a broader subject, looking at the functioning of the whole economy, developing an understanding of how an economy works, the different ways of measuring its performance (for example by measuring economic growth, how much price levels rise or fall, the number of people employed or unemployed, and how much money is entering or exiting an economy as a result of international trade), as well as the different policies governments can implement to improve macroeconomic performances and benefits and pitfalls these interventions cause.
Issues we explore in class include: ‘Why does the Government have an inflation rate target and how does it affect us?’, ‘What happens to the economy if people decide to spend more?’, ‘How are we positively and negatively affected by the growth Chinese and Indian economies? And ‘What are the effects Brexit is having on the UK, European and global economies, its businesses and its citizens?’
In the second year of our Economics course, we will develop a considerably more advanced understanding of microeconomic and macroeconomic concepts and theories, and learn to deeply analyse and evaluate the values and limitations of economic models. We will explore these ideas with a more global context, which includes the impact of globalisation on UK economic performance; and how the interaction of firms in a market; the competing objectives of, and various influences on, economic actors can have implications for the efficiency and equity of markets. Later in the year, we start to explore the global economy, and look at the benefits and drawbacks of trading with other economies, reasons why income and wealth are often unequal and why some people may live in poverty while others have an abundance of resources, and the reasons why this can either increase or decrease over time, either as changes occur in the global economy or through intervention by governments.
In year one, you will study:
Theme 1: Introduction to Markets and Market Failure
Theme 2: The UK Economy – Performance and Policies
In year two, you will study:
Theme 3: Business Behaviour and the Labour Market
Theme 4: A Global Perspective
At Herschel, we follow the Edexcel Economics A course - https://qualifications.pearson.com/en/qualifications/edexcel-a-levels/economics-a-2015.html
For more information, please refer to the specification document:
For a more detailed overview of the course contents and assessment regime, the getting started guide: https://qualifications.pearson.com/content/dam/pdf/A%20Level/economics-a/2015/teaching-materials/Getting_Started_Guide_new.pdf