Economics is a challenging and real-life subject. We aim to engage pupils by structuring our lessons around real world issues. Regular discussions and debate of economic problems in lessons, lunchtime seminars and off-site visits help to inspire a love of the subject. Economics provides the opportunity to interpret current and recent news stories, enabling pupils to analyse and evaluate economic policies and events. Our ultimate aim, alongside achieving the best possible examination results, is to increase our pupils’ economic literacy, so that they can make informed choices in the future.
Pupils at TWGGS can study Economics at GCSE. The course includes:
How scarce resources are distributed
How prices are determined in markets
The role of producers, including revenues, costs and profits
The role of government in an economy
Whole economy issues such as growth, unemployment and inflation
The developing world
The A Level course covers the same topics, but in greater depth. Further details of each specification are provided below.
Economics gives pupils an understanding of the UK economy in a globalised world and proves useful for career options such as banking, accountancy, law, marketing and advertising. It might also attract those willing to become a successful entrepreneur.
GCSE Specification: OCR
OCR specification for GCSE Economics Lessons are taught formally but there is ample opportunity for pupils to ask questions and debate the effects of political decisions on all parts of society and what this may mean for the world economy. Relevant current events are constantly used to show the actions of theory in a real-world setting. Pupils must be able to write accurately and in detail; they must also be at ease with mathematical logic and good basic skills in order to seriously pursue this subject, as well as having an interest in current affairs.
The examination involves two written papers to be taken at the end of Year 11. They will include data response work and multiple-choice questions.
Paper 1
Introduction to Economics
1 hour 30 minutes written examination
80 marks
50% of GCSE
Paper 2
National and International Economics
Specification: Edexcel
Edexcel specification for AS Level Economics
Edexcel specification for A Level Economics Pupils can choose to study either AS or A Level Economics. We analyse issues that grab the headlines: unemployment, taxation and the prospect of surviving outside of a major trading bloc. Consequently, a keen interest in current affairs, as well as a willingness to read reputable newspapers is essential. Although the subject is primarily theoretical, the work in the classroom can be related directly to the real world. Lessons are delivered with ample opportunity for discussion, debate and reporting back on various topical and controversial issues.
Assessment is by a combination of structured essays, data response and multiple-choice questions. Lessons involve a combination of class discussions, note taking and independent research. The A Level examination comprises four themes:
The AS Level examination comprises Themes 1 and 2 only.
A Level Economics
Markets and Business Behaviour
2 hour written exam
100 marks
35% of A Level
Markets and market failure, business behaviour, the labour market and government intervention.
The National and Global Economy
The performance of the UK economy, macroeconomic policies, international trade and globalisation, poverty and inequality, the financial sector, economic development and the role of the state.
Paper 3
Microeconomics and Macroeconomics
2 hour written paper
30% of A Level
The synoptic paper, which puts all elements of the A Level course together in a test of higher order thinking and expression.
AS Level Economics
Introduction to Markets and Market Failure
1 hour 30 minutes written paper
50% of AS Level
The basic economic problem, demand and supply elasticities, market failure and government intervention.
The UK Economy - Performance and Policies
50% of A Level
Measures of economic performance, the circular flow of income, aggregate demand and supply, economic growth, macroeconomic objectives and policies.
An A Level in Economics allows pupils to apply for degrees in Economics or many other social science or commerce subjects. Likewise, it is a complementary humanity for engineering, medicine, or the arts. Economics is a serious academic qualification recognised by all Russell group universities in the UK and is perceived by employers as a highly valuable body of knowledge and skills that can be applied to a vast range of employment opportunities. With further training, those holding an A Level in Economics could gain a job related to economics, business, marketing, politics, finance and accounting, human resources and public relations, amongst many other career paths.
Pupils considering studying Economics at degree level are advised to also take Mathematics at A Level, as some degrees require a high level of mathematical competence. This intellectual discipline, together with the subject’s relevance to commerce and industry, mean A Level Economics is viewed favourably by employers, often exempting pupils from part of professional examinations such as accountancy qualifications. GCSE Economics is a good introduction to A Level Economics but those who have not taken this can still be accepted if they are committed and have a minimum of a grade 7 in GCSE Mathematics.
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