What do I need to know or be able to do before taking this course?
You do not need to have studied Economics at GCSE in order to take an AS or A level course in the subject although some topics that feature in GCSE syllabuses will be developed at AS and A level. It is important that you have an interest in economic affairs and a desire to explore why and how the study of economics contributes to an understanding of the modern world. If you have studied either Economics or Business Studies at GCSE you will be expected to have achieved at least a C grade.
What will I learn on this Advanced GCE course?
Unit 1 ECON1: Markets and Market Failure
An introduction to economics and concepts that looks at the workings of supply and demand. The unit also looks at why governments have in certain cases rejected the market in an attempt to correct for market failure. The unit looks at topical issues such as smoking, education and pollution and investigates possible policy outcomes.
Unit 2 ECON2: The National Economy
An introduction to macro economics and the economy as a whole which looks at the main indicators of economic performance including unemployment, growth and inflation. The unit also looks at the tools which a government or central bank can use to manage the economy.
Unit 3 ECON3: Business Economics and the Distribution of Income
Building on Unit 1, it will require students to use and evaluate more complex microeconomic models, for example, perfect competition, monopoly and oligopoly looking at how firms compete against each other and the effect on the market. The unit will also look at government intervention, factors affecting wages and how decisions affect other markets.
Unit 4 ECON4: The National and International Economy
Building on Unit 2, it will require students to evaluate more complex and detailed macroeconomic models and variables. Students will develop an understanding of how variables are interlinked and how government decisions affect both the national and international economies. The unit also looks at the wider European context and evaluates the issues facing world leaders.
What kind of student is this course suitable for?
This course will appeal to you if you wish to pursue a career as an accountant, business manager, politician, or in an economics-related profession. If you enjoy studying a subject that affects your own everyday life, want to keep your options open – economics can be combined with a wide range of science, social science and humanities subjects. You should have an active interest in the financial world and be prepared to read financial newspapers, as well as Economics periodicals such as Economics Review in order to supplement your knowledge and understanding.
What examinations will I have to take to get my qualification?
This is the first half of the A level course. It is a stepping-stone to the full A level qualification. You can take just the AS on its own; if you and your teacher agree that this is best for you. You can even decide at the end of the AS course whether to continue to take the full A level qualification.
The AS comprises Units 1 and 2 and may be awarded as a discrete qualification or counts for 50% of the full A level.
AS A2
Unit 1 ECON 1 50% 25%
Unit 2 ECON 2 50% 25%
Total 100% 50%
A2 Level
The full A level qualification is made up of the AS units plus two more units which are studied at a higher level, known as A2. You don’t necessarily have to take the full A level qualification; you can still get a certificate just for the AS, and your teacher will advise you on what is best.
The A level comprises Units 3 and 4. 50% of your score comes from your AS exams and 50% from your A2 exams.
A2
Unit 1 ECON 1 25%
Unit 2 ECON 2 25%
Unit 3 ECON 3 25%
Unit 4 ECON 4 25%
Total 100%
How can I develop my full range of skills by doing this course?
As well as covering advanced level study of Economics, this course will enable you to develop some skills, which will be essential to you whatever you go on to do afterwards.
The skills you can develop during this course are:
- Communication
- Application of number
- Information Technology
- Problem solving
- Working with others
- Improving own learning and performance
What could I go on to do at the end of my course?
Students with AS or A level Economics have access to a wide range of possible career and higher education opportunities. You learn and use a variety of transferable skills throughout the course. These include:-
- Collecting and analysing economic information from different sources
- Development of written communication skills
- Development of problem-solving and evaluation skills.
These skills are in great demand and are recognised by employers, universities and colleges as being of great value. Economics combines well with a range of social science and humanities subjects to lead to university courses in such areas as law, business, accounting, politics and, of course, economics.