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Economics

ECONOMICS

Economics was introduced to the school in 2016 to satisfy a growing demand for the A Level course.  The department goes from strength to strength and has taken visits to university Economics conferences and to the Bank of England. The Econoraptors society will be starting in 2018 and it has a very active Twitter presence @RHS_EconBus

 

 

Economics is a social science and is essentially all about scarcity and choice, helping to provide answers to how consumers, producers and governments make difficult choices over how much to consume and how to allocate resources fairly and efficiently to gain maximum benefit for all. As well as finding out how consumers and firms make choices, you will also learn more about the economic factors affecting national and global decisions such as BREXIT.  There is rarely a right or wrong answer in Economics, it is up to you to argue your point of view. It is therefore a subject which develops analysis and critical thinking skills and the ability to coherently use theory to evaluate competing arguments.

Economics is the science of choice and overall the Economics A Level course aims to answer many real-world questions, such as…

 

  • Should I save up to buy a house or rent one?
  • Should I buy Marmite today or wait until later when the price might come down?
  • Will our businesses be affected in a negative or a positive way by leaving the EU?
  • What is the Bank of England and why is an interest rate so important?
  • Why are exchange rates falling?
  • What will be the effect of a sugar tax on consumers?
  • What will be effect on producers?
  • Should we have a minimum price on alcohol?
  • Why are footballers paid so much???

 

Economics requires a range of skills and it suits students who are “all-rounders.”   Students will need to be competent and confident with quantitative skills (Maths) but also have the ability to write well and structure an essay.  Economics covers an immense amount of technical theory and is therefore conceptual in nature; some students can therefore find it more tricky to grasp than Business, which is more descriptive in nature.

Economics is a highly regarded academic subject and is relevant to a wide range of careers and further study such as law, finance, management and even medicine.  It works well in combination with any other subject and will appeal to any student who is interested in current affairs and the world around them.

Key Facts

  • The course encourages you to develop an understanding of economic concepts and theories through a critical consideration of current economic issues.
  • The subject matter of the modules is of particular relevance in today’s dynamic global economy. You will develop a critical approach to various economic models and methods of enquiry, applying them to a range of present day economic problems.
  • The ethical and social dimensions of Economics will be included – such as the strengths and weaknesses of the market economy, the relationship between rich and poor countries, the distribution of income and wealth within a particular society and the quality of life between and within economies.

At RHS we study the Edexcel course, which is structured into four themes and consists of three externally examined papers. The four themes are:

Theme 1: Introduction to markets and market failure

Theme 2: The UK economy – performance and policies

Theme 3: Business behaviour and the labour market

Theme 4: A global perspective

 

Assessment consists of 3 papers of 2 hours duration.  The papers include multiple choice, calculation questions, short answer and extended answer questions in response to data extracts.

 

Here is a link to the Economics A Level specification: https://qualifications.pearson.com/content/dam/pdf/A%20Level/economics-a/2015/specification-and-sample-assessment-materials/A_Level_Econ_A_Spec.pdf