Economics

Syllabus:  AQA

1 - Why study Economics

Economics is the study of how people, businesses and governments make choices with limited resources. If you’ve ever wondered why prices rise, why some countries are wealthier than others, or how governments make decisions about taxes and spending, then Economics will help you understand the world around you.

Studying Economics allows you to explore real-world issues such as climate change, poverty, inflation, unemployment, and inequality. You’ll learn to analyse problems, evaluate possible solutions, and build logical, evidence-based arguments. These are skills that are useful in almost every career and are highly valued by universities and employers.

Economics is also one of the few subjects that spans the social sciences and mathematics. It suits students who enjoy current affairs, thinking critically, working with data, and debating different viewpoints. 

Subject Lead Mrs R Miah – rmiah@elthamhill.com

2 - What will you study?

Over two years, you will study a combination of microeconomics (how individual markets operate) and macroeconomics (how the whole economy works).

Year 1 Microeconomics

• Economic methodology and the economic problem
• Price determination in competitive markets
• Production, costs and revenue
• Competitive and concentrated markets
• Market mechanism, failure and government intervention

Year 1 Macroeconomics

• Measuring macroeconomic performance: inflation, growth, unemployment, balance of payments
• The circular flow of income; aggregate demand and supply
• Economic performance and the economic cycle
• Government objectives; fiscal, monetary and supply-side policies

Year 2 Microeconomics

• Behavioural economics and decision making
• Market structures: perfect competition, monopoly, oligopoly, price discrimination
• Labour markets and wage determination
• Income and wealth distribution; poverty and inequality
• Government intervention, competition policy

Year 2 Macroeconomics

• Financial markets and the role of central banks
• Fiscal, monetary and supply-side policies in depth
• Globalisation, trade and exchange rates
• Development economics and the international economy

Throughout - Exam Revision & Practice

• Applying theory to context and data
• Examination technique including structuring extended essays with effective evaluation
• Past paper practice under timed conditions

3 - How will you be assessed?

All exams are taken at the end of Year 13. Each paper lasts 2 hours and is equally weighted:

• Paper 1 – Markets and Market Failure (Microeconomics): 80 marks, 33.3%
• Paper 2 – National and International Economy (Macroeconomics): 80 marks, 33.3%
• Paper 3 – Economic Principles and Issues (Synoptic): 80 marks, 33.3%

Papers include multiple-choice, data response and extended writing questions.

4 - What skills will you develop?

• Problem-solving and critical thinking
• Decision making using theory and evidence
• Numerical and graphical interpretation
• Data analysis and evaluation
• Essay writing and structured argumentation
• Understanding of current affairs and global issues
• A grounding in finance and public policy

5 - What makes a good Economics student?

• Confidence with numbers, graphs and diagrams
• Curiosity about how the economy and society function
• Strong analytical and evaluative thinking
• Clear and logical writing
• An interest in global events and trends
• Willingness to challenge assumptions and think independently

6 - Where can Economics lead?

Economics is a gateway to a wide range of university courses and professions. Many students progress to degrees in Economics, Business, Politics, Finance, International Relations and Law.

Career pathways include:

• Chartered accountant
• Economist
• Data analyst
• Risk manager
• Stockbroker
• Policy officer
• Management consultant
• Civil service
• External auditor
• Financial journalist
• Quantity surveyor
• Investment analyst
   …and many more roles that value analytical and decision-making skills.

7 - Reading list and preparation

These recommended books are accessible introductions to key ideas and real-world applications in Economics:

• Basic Economics – Thomas Sowell
• Freakonomics / Superfreakonomics – Steven D. Levitt & Stephen J. Dubner
• The Undercover Economist / Strikes Back – Tim Harford
• The Armchair Economist – Steven E. Landsburg
• 23 Things They Don’t Tell You About Capitalism – Ha-Joon Chang
• Animal Spirits – George A. Akerlof & Robert J. Shiller
• Thinking, Fast and Slow – Daniel Kahneman
• Predictably Irrational – Dan Ariely
• Why Can’t We Just Print More Money? – The Bank of England

These titles are not required reading, but they will help you build background knowledge and make stronger links between classroom content and real-world Economics.