Examination Board Edexcel
Economics is a fascinating subject which is constantly in the news headlines. Studying it enables you to develop a critical awareness of an enormous range of topical issues ranging from China’s remarkable economic emergence to the role of economics in solving problems such as climate change, binge drinking and traffic congestion. Everyone starting out in Year 12 is new to Economics so everyone goes on this journey of discovery together.
At the core of economic study is decision making: how do people, firms and governments make decisions when we can’t do or have everything? Each choice requires us to give up one thing in order to choose the other. Economics uses simple models to analyse these relationships and illustrate their impact, investigating questions such as:
- Will I make more money if I raise my price or lower it?
- Which firm is better: a big firm or a small one?
- How can the problem of pollution be tackled?
- Does international trade make our lives better or worse?
- Should interest rates be raised or lowered?
- How will changes in tax rates affect different people in society?
Economics is exciting because we are regularly discussing current affairs. You may not feel at all connected to the things that politicians talk about or issues discussed on the 10 o’clock News, but you will once you’ve spent some time in Economics lessons.
Good GCSE results in English and Mathematics are an indication that you would be able to tackle the writing component of the course and understand the more theoretical aspects of this subject. An A in GCSE Mathematics is required; students must be comfortable with percentages and analysing graphs and data.
Whether or not you are planning to pursue it at university, studying A-level Economics is extremely valuable. It is well-regarded by all university departments as a cross-curricular subject because it combines social analysis with mathematical logic and it requires students to apply their understanding in the formation of a coherent argument. Aside from being an excellent preparation for further academic study, it is a tremendously useful course in preparation for adult life.