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 Standard Level (SL) or Higher Level (HL) courses in the subject although some topics that feature in GCSE syllabuses will be developed within either SL or HL courses. 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 course?
Economics is a dynamic social science, forming part of the study of individuals and society. Although economics involves the formulation of theory, it is not a purely theoretical subject: economic theories can be applied to real world examples. A key objective of the course is to promote an understanding of how economic theory can be applied in an international context. Economics is not a discreet subject; it incorporates elements of history, geography, psychology and many other related fields of study.
The economics course comprises of five modules:
- Introduction to economics: foundation of economics, definitions of growth and development, scarcity, choice, rationing systems;
- Microeconomics: demand, supply and elasticity, the theory of the firm, market failure;
- Macroeconomics: national income, introduction to development, macroeconomic models, demand side and supply side policies, unemployment and inflation, distribution of income;
- International issues: reasons for trade, protectionism. economic integration, WTO, balance of payments, exchange rates, balance of payment problems, terms of trade;
- Development economics: sources of economic growth and development, consequences of growth, barriers to growth and/or development, growth and development strategies, evaluation of growth and development strategies.
SL or HL?
The difference between SL and HL is one of depth. During the SL course you will explore a wide range of concepts. HL students will investigate the same concepts in more depth and is recommended (but not exclusively for) students who wish to take their Economics studies further at degree level.
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.
How will my work be assessed?
HL
- Paper 1 Extended Response 20%
- Paper 2 Short Answer 20%
- Paper 3 Data Response 40%
- Portfolio of 4 Commentaries 20%
- Total 100%
SL
- Paper 1 Extended Response 25%
- Paper 2 Data Response 50%
- Portfolio of 4 Commentaries 25%
- Total 100%
What skills can I develop by taking this course?
Students will learn to be inquirers by seeking out information from a variety of sources including web and print media they will learn how to knowledgeably feed this into their own writings and class discussions. Students will critically analyse how the interlocking world economy has developed and how decisions made by individuals, firms and governments have a global impact. They will look at complex economic, political and social issues; analyse the impact of potential decisions and make reasoned and often difficult decisions. During the course students will have the opportunity to communicate their views through a variety of media and will be expected to confidently present information to small and large groups, they will learn how to be reflective and critique their own performance to develop a well balanced approach to their learning. Students will learn how to use data and value judgements to make calculated economic and business risks and caringly look at how different cultural viewpoints could alter those decisions. The subject material helps students to evaluate more than just monetary costs; they are challenged look open-mindedly and see how a principled approach to economic thinking can be used to make improvements for all in a global context.
What could I go on to do at the end of this course?
Economics is widely accepted by universities for many diverse courses and employers recognize its strong academic potential. This course will provide you with a wide range of transferable skills and therefore can be useful in many other subjects and careers.