Economics

Economics is a social science that looks at wealth, income and the reasons behind why economic agents (such as producers, consumers and governments) make the decisions that they do. As such, it examines certain elements of human behaviour and studies the production and consumption of goods and services. With the goal of determining how these resources can not only be best distributed, but also satisfy the competing desires of governments, consumers and business.

Most people give a passing thought to the fact that they are already part of the global economic system, yet despite that, we all play our part on a day-to-day basis. Whether that’s by spending money on the latest must-have gadget that costs double what it took to manufacture, worrying about the increasing price of food, having to pay more for your Uber trip during peak times, or even wondering why some are far richer than you.

When you study economics, the reasons for all of these things start to become clear. You’ll understand why prices fluctuate and change, why certain companies have the upper hand over their competitors, what happens with your taxes, how laws and legislation passed by governments can shape consumer spending, how seemingly unrelated changes in society like global warming and an ageing population can have a big impact on the economy of a country.

By studying economics you’ll be instilled with the skills of learning how to understand and analyse complex issues, problem solve, interpret data and statistics, formulate strategies, researching topics in depth, write well written and structured essays. These are all highly valuable skills that are transferable across different subjects, and in part makes Economics a good complement to other subjects such as the sciences, mathematics, politics, history, geography and languages.

And last, but not least Economics is an intellectually stimulating and rewarding subject that universities tend to hold in high esteem.

Economics at Key Stage 5

The Economics Edexcel course is divided into four themes. Students study themes 1 and 2 in Year 12 and themes 3 and 4 in Year 13:

Introduction to markets and market failure
The UK economy - performance and policies
Business behaviour and the labour market
A global perspective

The Economics A level course is also broadly divided across two central topics:

Microeconomics – considers how a market economy works in terms of allocating scarce resources and the circumstances whereby this sometimes breaks down (market failure). We also look at how firms make decisions regarding how much they produce and what price they charge. This section also considers how markets may fail to allocate resources properly – e.g. cigarettes and junk food tend to be over-produced and over-consumed in a market economy leading to increased strain on the National Health Service (NHS). We look at how the government may intervene in different markets (e.g. by taxing cigarettes or introducing a new tax on sugary drinks) to reduce market failure.
Macroeconomics – looks at the policies the Government and the Central Bank (Bank of England) use to meet their economic objectives, such as reducing unemployment, increasing economic growth and reducing the national debt. As the course progresses, we look at the role of the global economy and consider how countries are increasingly interdependent on one another for trade and general economic well-being (i.e. globalisation). We also look at the reasons why some countries become very rich while others remain very poor and the policies that less developed countries can adopt to try and improve their long-term economic development. In this section of the course we also consider how emerging economies such as China are shifting the global balance of power.

It should be noted that as there is a high level of mathematical content in Economics, we assume students will come prepared with a basic level of numerical and problem-solving skills, such as being able to calculate percentages and draw and interpret graphs. Students should also have an interest in current affairs and actively watch the news and read newspapers.

It may be helpful to know that most, if not all universities require students to have studied A-Level mathematics for entry to an Economics degree course. If you think that Economics is a subject you may wish to study at university you should seriously consider taking A level Mathematics alongside Economics.

Year 12 and 13 curriculum map

Enrichment

Living and Learning Economics in SNS.

We are lucky in economics to be living and studying in one of the most dynamic cities in the world and we see London as an extension of the classroom. From the financial district, the City to the regeneration projects of East London to being on the doorstep of some of the world's most respected schools of economics, our students experience how economics works and what we can do when it doesn't.

We have a variety of expert guest speakers attend our department both in-person and online to speak to our students about their careers in economics and how they got there.
Our students gain valuable work experience in large scale and boutique financial firms in the City. Other work experience placements have been completed in construction firms, consultancy firms and health charities.
The economics students visit the Bank of England to learn about financial stability and monetary policy. Other trips include visits to the London Thames Barrier to learn about public goods in action. We visit some of London's city farms to learn about sustainability and food supply.
Every Summer, our students research and complete their independent economics project which is based on their volunteering and work experience. They engage with the stakeholders involved to learn about why firms do things in a particular way and learn about the challenges they face.
Our students have access to the SNS Economics Virtual Library which is updated weekly with articles, podcasts, videos and documentaries with a specific focus on our curriculum.
Economics students at SNS have full access to the Financial Times and Economics Today which gives up-to-date facts and figures that help them excel in examinations.
Shortly before exams, our students attend a one-day grade booster session which helps them see common pitfalls and how to avoid them.
When time comes to preparing UCAS applications, we have speakers visit from Russell Group universities to discuss economics in university and what it entails.

Career and Future Pathways

By studying Economics at SNS students will be equipped with an outstanding knowledge of economics; from how it impacts the success or failure of businesses, fashions governmental policy, or even causes global markets to collapse. This will stand you in good stead for degrees in subjects related to economics, like Law, Business, Finance, Accounting, Politics, Economics and Mathematics. You could easily progress to a career in government helping to forge new economic policy, working in the stock market or the World Bank. Perhaps you might want to start up your own business, or become a lawyer or journalist. Whatever you decide, with an A level Economics in your hand, the sky is the limit.

KPMG’s 360 Programme: The school has a link with KPMG, one of the world’s leading financial services firm. KPMG offer a range of school leaver entry programmes aimed at A-level students. Sixth Form students from SNS have a strong track record in securing these highly competitive places e.g. one student from SNS secured a place on one of these programmes and now work at KPMG’s Canary Wharf headquarters.