Why study Economics?
Economics is an increasingly popular subject at A-Level, no doubt due to the current economic climate and the subject’s high standing with universities. During their studies students will be introduced to microeconomics and macroeconomics, developing an understanding of both the UK and global economy.
Economics investigates how individuals, firms and nations make economic decisions – students will be studying areas such as demand and supply, elasticity of demand and supply, externalities, economic growth, interest rates, inflation and unemployment. Students will learn to apply the ‘economists toolkit’ (a range of theoretical models) to recent and current economic problems both at a domestic and global level.
Why our students like this course
‘It is genuinely fascinating and provides useful essay writing and analytical skills…..’
Economics is my favourite A-Level subject and has encouraged me to study either Economics and Finance or Business Studies at university and pursue finance career. The course covers such a wide range of topics including business economics, globalisation, government policy and the financial markets. I would advise anyone with an interest in the role of money or business in society to take Economics as it is genuinely fascinating and provides useful essay writing and analytical skills.
No specific requirement
EDEXCEL- Economics A
Where will this subject lead me?
Economics complements many other choices of A-Level. Students doing Maths and Science subjects will revel in the diagrams and analysis that Economics offers and have a chance to develop their essay skills. Students studying Social Science subjects, Humanities, English and languages will contrastingly enjoy the extended writing aspect of the course but develop new numerical and analytical skills.
You can watch a great series of videos of young people who are working in jobs that use Economics on icould.
For example university degree courses and careers leading from this subject click here.
What is Economics?
Economics is the practical and theoretical science of the production and distribution of wealth. It is based around the system of the production, buying and selling of goods and services.
As a social science it is primarily concerned with the behaviour and relationships of people and societies and economics is applied to the real world to study and analyse the activities and interaction between people, markets and governments. Although there are various subdivisions of economics, the two main areas of study are microeconomics and macroeconomics.
Microeconomics is the study of the dynamics between individuals and industries, a more concentrated study of the broader discipline of macroeconomics, which is the study of the economic activity of an entire market or country in the form of economies. It has grown considerably as a subject and now incorporates a number of other subjects, including sociology, geography, law and several others to develop our collective understanding of the economic systems that exist today.
What skills will studying Economics at A level help me develop?
Studying Economics at A level will enable you to develop the skills necessary (including those relating to analysis, evaluation and quantitative methods) in order to achieve that aim. In addition the learners will develop a knowledge and understanding of those aspects of microeconomics and macroeconomics which are assessed within the qualification in order to develop an enquiring, critical and thoughtful approach to the study of economics.
What will I study the 2 years I study Economics A level?
In Year 12 we will cover Theme 1 which is Microeconomics and Theme 2 which is Macroeconomics. In Year 13 we will cover Theme 3 which is Microeconomics and Theme 4 which is Macroeconomics. See the table below for an insight into what is covered in each theme:
The Edexcel A Economics specification has been designed to allow students to:
- Gain knowledge and understanding of the key aspects of economic theories and policies and the impact which these have on the economy and on economic agents.
- Compare the likely effectiveness of economic policies in relation to the achievement of particular economic objectives.
- Develop the ability to make both microeconomic and macroeconomic decisions in specific contexts.
- Develop the necessary analytical, questioning and quantitative skills to progress in the subject.
- Confront issues, tackle the challenges these issues raise and engage in debate and discussion with fellow students.
To find out more about the specification use this link.
How many exams will I take and when will I take them?
You will take 3 2 hour exams at the end of the course in June 2023. Paper 1 covers microeconomics content covered in Yr12 & Yr13, Paper 2 covers macroeconomics content covered in Yr 12 & Yr13 and paper 3 is a synoptic paper covering all content studied in micro and macroeconomics.
To find past papers use this link to the exam board:
How much of the course is Maths based?
20% of the course is examined using maths. So you do have to be comfortable with handing data, analysing graphs and calculating % changes. A good GCSE grade in Maths will provide you with these skills to be able to cope with the mathematical demands of the Economics A level course.
How much writing is there in the course?
You will be doing essay and long answer question work based on case studies throughout the course and in yr12 you will undertake extended research projects into the UK economy, Different Economists theories and the Housing market. In the exams you will have to write essays and complete long answer questions based on case study information.
To find past papers use this link to the exam board:
How will Economics fit in with my other A levels?
In our economics classes we have students who study the breadth of A level subjects offered at Notre Dame, from Scientists and Mathematicians to Linguists and Art students to History and Geography students and of course Social Sciences too. Economics is a good fit with any combination of A level subjects.
After A Levels what courses related to economics can I study At University?
There are many Economics related courses available across the range and breadth of University options – so there are many opportunities to study Economics related subjects at University. Each year a significant number of our students choose Economics as their subject choice for University, with others often choosing Finance, Accounting, Law and Business related courses. However, Economics A level is not a requirement to go onto study any of these subjects at University.
After A levels what careers are related to Economics?
The skills developed through studying economics are incredibly versatile and can be employed in a wide range of industries – by the time the course ends an economics student will be comfortable with dealing with numbers as well as experience in using innovative techniques to overcome problems.
They will have developed an analytical mind alongside a strong economic awareness of the world, skills which can be transferred to numerous industries. A lot of professionals in banking and accountancy hold economics degrees. For any career related to finance, an economics degree is a good foundation to build on. Roles in data analysis such as an actuary, or an investment analyst, are typical careers for an economics university graduate.
For those who want a job directly related to economics, further study is recommended. Fortunately, there are an array of University Economics courses and these courses give students a chance to specialise further and conduct detailed research in areas of interest. An economics graduate will have some unique and highly sought after skills and in most cases, employment prospects are good.