Sixth Form Entry Booklet

26 ECONOMICS Examination Board: AQA GCSE requirement: 6/7 in Mathematics and 6/7 in English Language or English Literature with a minimum total of 13 Why Study Economics? Economics is an ideal subject if you are interested in business, finance or political issues, and will also suit you if you are considering a career in the media or law. It combines well with a wide range of other subjects , such as History and Politics, but it is also a very good ‘bridging’ subject, which can be combined with Arts, Social Science or Scientific subjects. Mathematicians usually make good economists and, although it is not essential to take Mathematics, you should consider doing so if you intend to study Economics at University. The course makes considerable use of material relating to current affairs, and we make much use of news articles, videos and internet resources. Each year a significant number of students continue to study Economics at university, and we have a number of Oxford and Cambridge places awarded each year to read the subject. The Course: Economics is conventionally divided into microeconomics and macroeconomics. Microeconomics involves a study of markets and prices, addressing issues such as: ▪ Why has the price of petrol risen? ▪ Why has the price of computers fallen? ▪ Why does Gareth Bale earn more than a highly qualified Head of Economics? ▪ What factors affect the housing market? We also consider areas of ‘market failure’, where the Government intervenes to ensure a more satisfactory outcome – pollution controls, public sector goods and services and legal restraints on monopolies, for example. The course involves a close analysis of several markets, such as the oil market and, in the second year, the economic analysis of business and the labour market is introduced. Macroeconomics is the study of the whole economy, and how Government policies such as use of taxation and interest rates can be used to achieve economic objectives. The course covers issues such as: ▪ How can unemployment be reduced? ▪ How can economic growth be encouraged? ▪ Can we increase UK living standards? ▪ Is income inequality a problem which should concern us? ▪ Why has Britain’s relative position in the world changed?