Economics
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"I chose to study Economics because I wanted to try something new and different. I had never don
e economics before and it seemed to fit really well with Maths. My favourite part of Economics is relating the theory into real world situations, such as the use of behavioural economics during lockdown. Next year I'm planning to study Economics and Mathematics at university. This subject has enabled me to have a deeper understanding of the financial world around me, both in politics and in day to day life."
Belema Sikabofori
Exam Board: Edexcel
Economics is a social science and is essentially all about scarcity and choice, helping to provide answers to how consumers, producers and governments make difficult choices over how much to consume and how to allocate resources fairly and efficiently to gain maximum benefit for all. As well as finding out how consumers and firms make choices, you will also learn more about the economic factors affecting national and global decisions such as BREXIT. There is rarely a right or wrong answer in Economics, it is up to you to argue your point of view. It is therefore a subject which develops analysis and critical thinking skills and the ability to coherently use theory to evaluate competing arguments.
Economics requires a range of skills and it suits students who are “all-rounders”. Students will need to be competent and confident with quantitative skills (Maths) but also have the ability to write well and structure an essay. Economics covers an amount of technical theory and is therefore conceptual in nature but, like Business A Level, it develops an understanding of the world we live in.
Economics is a highly regarded academic subject and is relevant to a wide range of careers and further study such as law, finance, management and even medicine. It works well in combination with any other subject and will appeal to any student who is interested in current affairs and the world around them.
Key Facts
- The course encourages you to develop an understanding of economic concepts and theories through a critical consideration of current economic issues.
- The subject matter of the modules is of particular relevance in today’s dynamic global economy. You will develop a critical approach to various economic models and methods of enquiry, applying them to a range of present day economic problems.
- The ethical and social dimensions of Economics will be included – such as the strengths and weaknesses of the market economy, the relationship between rich and poor countries, the distribution of income and wealth within a particular society and the quality of life between and within economies.
The Pearson Edexcel Level 3 Advanced GCE in Economics is structured into four themes and consists of three externally examined papers. The four themes are:
Theme 1: Introduction to markets and market failure
Theme 2: The UK economy – performance and policies
Theme 3: Business behaviour and the labour market
Theme 4: A global perspective
Assessment consists of 3 papers of 2 hours duration. The papers include multiple choice, calculation questions, short answer and extended answer questions in response to data extracts.
Entry requirements: Grade 6 in Maths and Grade 6 in English Language
Contact: Mr M Cox, Head of Economics M.Cox@rugbyhighschool.co.uk