Welcome to Economics

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:

  1. Introduction to markets and market failure
  2. The UK economy - performance and policies
  3. Business behaviour and the labour market
  4. A global perspective

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

  1. 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.
  2. 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 curriculum map | Year 13 curriculum map