Economics
The purpose of studying Economics is not to arrive at a set of answers to a given set of questions; rather it is to learn how to avoid being deceived by economists." - Joan Robinson
Why does Topshop charge so little for a t-shirt, yet a dress out of the Kate Moss range is so expensive, is it all due to their costs to produce? Economics helps answer such questions by investigating how an economy manages its unlimited wants when there are scarce resources.
Economics requires the application of what is known as the economics tool kit to a variety of current issues and controversies. There is clearly much economic content in newspapers and on television (as it is a social science) therefore the subject is taught through the use of ICT and discussions, however a great deal of emphasis is placed on independent study.
Economics is seen as a strong subject by Universities and combines well with a range of different subjects. For example, the analytical approach used is similar to Mathematics courses, while the essay writing and research techniques are similar to those in History, English and Psychology.
AS Level
The New AS course comprises of two units. Each unit is examined by an 1.5 hour written paper and is worth 50% of the AS course
Unit 1 - Markets in Action
This is an introduction to the Economics. You will investigate why economics choices have to be made, the market model, how markets can be efficient and also how they can fail.
The structure of this unit is as follows:
- The reasons for individuals, organisations, and societies having to make choices
- Competitive markets and how they work
- Market failure and government intervention
Unit 2 - The National and International Economy
This unit is an introduction to the world of Macroeconomics. In this unit you will investigate how the level of macroeconomics activity is determined, and look at the key macroeconomic indicators, problems and policies. You will therefore be able to evaluate whether Alistair Darling and the government are running the economy efficiently.
The structure of this unit is as follows:
- Aggregate demand and aggregate supply and their interaction
- Government economic policy objectives and indicators of national economic performance
- The application of macroeconomic policy instruments; and the international economy
A2 Level
Again the new A2 course comprises of two units. Each unit is examined by a 2 hour written paper and is worth 25% of the total course.
Unit 3
For Unit 3 you will study the Economics of Work & Leisure. This module involves the problems and issues associated with both labour and leisure markets. You will begin detailed investigations looking at the Labour market including topics such as why footballers manage to earn so much more money than nurses. In the leisure sectors, we look at key topics such as how Rupert Murdoch manages to still dominate the spectator sports industry and the impact companies such as Ryan Air are having on the travel industry.
The structure of this unit is as follows:
- Nature of work and leisure and trends in employment and earnings
- Market structures and competitive behaviour in leisure markets
- Labour demand, supply and wage determination
- Market failure and the role of the government and unions in the Labour market
Unit 4
For unit 4 you will study the Global economy. This unit focuses on the analysis and evaluation of macroeconomic performance in national, regional and global contexts. You will investigate the economics of developed economies such as the UK and the EU. You will also focus on ways in which individual economies are interdependent through trade, economic integration and increasing globalisation.
The structure of this unit is as follows:
- Macroeconomic performance
- Trade and integration
- Development and sustainability
- The Economics of globalisation
Links
http://www.tutor2u.com/
Tutor2u easy to navigate site, is an excellent revision tool. The site provides excellent revision resources such as essay plans, links, an active forum and advice from an A-level examiner, together with regular economic news updates.
http://www.bized.co.uk/
Bized is an excellent site, providing PowerPoints, quizzes, up-to-date articles and even virtual worlds to help you further your study of Economics
http://news.bbc.co.uk/
As mentioned earlier a key part of studying Economics is keeping up-to-date with current events, and the economic and business section on the BBC news site, lets you do just that.
http://www.bankofengland.co.uk/
UK central bank provides monetary and policy analysis, market and European reports. Find a history of banknotes and details about the Museum. The bank of England also offers opportunities for teams of students takes on the challenge of acting as the Bank of England’s Monetary Policy Committee setting interest rates for the UK and defending their decisions to a panel of judges from the Bank.
http://www.ft.com/home/uk
Again another website, very useful in helping you to keep up with current economic developments
http://www.hm-treasury.gov.uk/
Find out what plans Gordon Brown has for the economy in terms of his budget, a good site, detailing all current government economic policy
http://www.bbc.co.uk/celebdaq/
CELEBDAQ is a celebrity stock exchange game. Instead of shares in companies you buy shares in celebrities. To play you have to sign up. Once you're signed up celebdaq will give you a cool ten thousand pounds (that's Celebdaq pounds, not real cash!).
The aim of the game: to make as much profit as you can by buying and selling 'shares' in listed celebrities. The person with the highest weekly percentage gain is crowned Top Trader.
Sixth Form News
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AS/A2 results
Thursday 19th August