What is Economics & What to Expect from the A level Course

Economics is concerned with the key issues facing us today, including globalisation, pollution
and poverty. It is essentially about choice: why different sorts of people and groups of
people, such as governments, have to make choices; the choices that they make, and the
consequences of those choices. The work of economists transforms our lives if you are a
firm, consumer, worker, homeowner or the government you are concerned with, and affected
by, Economics. Economics teaches pupils to think logically and to use theories to understand
how economies operate. !ou will be taught methods used by economists and how to
understand issues such as inflation, unemployment, pollution, demand and supply, e"change
rates, interest rates, and the difficult decisions the #$ %overnment face when they attempt
to steer the economy in a chosen direction.
&ot a day goes by without issues relating to economics being reported in the media:
'The #$(s recession will be long and deep(
')orst economic downturn since *+,-(
'%overnment puts ./T back up to *0.-1(
'2hancellor puts -31 ta" on top earners(
'%overnment borrowing rockets to 4*05 billion(
'6assengers to pay pollution ta" on flights(
'The value of the pound plummets against the Euro(
'6rice of petrol rises to over 4* a litre(
'E"ports fall as global slump tightens its grip(
'#nemployment reaches *7 year high(
'#$ house prices start to rise(
'8ank of England slashes interest rates to record low of 3.- 1(
9tudying economics can be compared to studying medicine. :edical pupils learn about the
human body, what can go wrong and how to remedy it. Economics pupils learn how an efficient
economy, and markets in the economy, should work; how market failure can occur and how
governments can seek to improve economic performance.
/;evel Economics requires a reasonable level of numeracy, but it is not mathematical. It has
a fair amount of conceptual thinking, with the main skill being the ability to analyse economic
data, interpret graphs and tables, identify trends and e"plain these using economic theory,
often through diagrams. The ability to see how one economic policy <e.g. low inflation= may
affect other parts <e.g. employment= is paramount. This requires a clear mind and an ability to
think and analyse logically and to write good English. 6upils who begin the course should
certainly be confident of their ability to handle simple numerical techniques and to construct
rational and logical argument when presented with sets of information. /n interest in current
affairs is also very useful as it is unlikely that political and economic standpoints can be
separated on a number of issues. /n interest in the workings of 2ity markets, money matters
and management decision making is also valuable.The course is considered to be a 'gold
standard( > an academic course that is well respected and liked by universities.