Sixth Form Handbook 2022-24

ECONOMICS

Course content and structure Component 1 - Markets and Market Failure Pupils will consider how markets work, looking at how supply and demand interact to allocate resources in local, national and international markets, applying supply and demand analysis to real-world situations and offering explanations of consumer behaviour. This will involve considering how consumers act in a rational way to maximise satisfaction and how firms maximise profit, but also why consumers may not behave rationally. Having investigated how markets work, pupils will then look at market failure, such as those toward the environment, before considering the strengths and weaknesses of possible government intervention to remedy market failures. Pupils will then go on to consider price determination in a competitive market, looking at production, costs and revenue. They will also consider perfect competition, imperfectly competitive markets and monopoly as well as a look at the labour market including the distribution of income and wealth with a focus on poverty and inequality. Pupils will be introduced to the aggregate demand/ aggregate supply model so that they can use it to analyse changes in real output and the price level. They will examine the use of policy tools such as interest rates and austerity measures, predict the likely impact and effectiveness of such policies, and consider these in an historical context. Pupils will consider the different approaches that may be used by policymakers to address macroeconomic issues such as the pandemic, unemployment and government debt and be able to identify the criteria for success. Pupils will be expected to understand the significance of globalisation, international trade, the balance of Component 2 - The National and International Economy

payments and exchange rates. They will examine public finance, macroeconomic policies and the role of the financial sector in a global context. Pupils will consider the factors influencing the growth and development of emerging and developing countries. Component 3 - Economic Principles and Issues No additional content from that covered in Components 1 and 2 Assessment overview Components 1 and 2 Components 1 and 2 are assessed through two 2-hour written papers, each worth 33.3% of the total A-Level marks (80 marks each). Section A: One data response question from a choice of two, each one containing four parts (40 marks in total). Section B: One essay question from a choice of three, each with two parts (40 marks in total) Component 3 Component 3 is assessed through a 2-hour written paper worth 33.3% of the total A-Level marks (80 marks). Section A: 30 multiple choice questions (30 marks in total) Section B: One case study question with three parts (50 marks in total) Other notes Economics involves the study of how people behave and interact with each other. The dynamic between consumers, manufacturers, financial markets and government makes for a constantly changing and exciting world. Concepts will be taught in the context of the UK and Global Economy. Pupils will have the opportunity to participate in national essay competitions and to attend conferences that have included speakers such as Tim Harford, Paul Krugman and John McDonnell. There is also a thriving Investment Club.

University and careers links The skills and knowledge developed in the course are valuable in both the business and academic spheres. The subject combines well with a range of social science and humanities subjects and it leads to higher education courses in areas such as Economics, Law, Business, Accounting, Geography or International Relations. Typical successful offers to read Economics at Oxbridge include both Mathematics and Economics.

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