Why Choose A Level Economics?
“Economic ideas are more powerful than is commonly understood….. Indeed the world is ruled by little else” – John Maynard Keynes
The above quote was written over eighty years ago. Yet, often these days you see programmes on television or get involved in or overhear conversations on economic ideas. Prices, wages, interest rates, profits, recession, inflation, exchange rates, to name but a few are at the forefront of many conversations, particularly in light of current and recent global economic events, such as the growth in the numbers of the ‘super rich’, problems in the Eurozone and the rise of China. Studying economics will enable you to better understand these ‘ideas’ and issues and how they all interact to form what we call ‘the economy’. Furthermore, as an economist, you will be aiming to develop a critical understanding of the UK government’s economic policies.
Exam Board AQA – Specification Code: 7136
It is not necessary to have a GCSE in this subject to be able to take this course at A-Level. During the course you will have an opportunity to discuss issues such as should the government continue to be the main provider of health care? Would the UK benefit or suffer from leaving the European Union? Should there be a new tax on foods high in fat or sugar? What are the economic costs and benefits of migration into and out of the UK? Why is there an uneven distribution of income in the UK and should anything be done about it?
In Year 12, students study two parts that investigate micro and macroeconomics. Microeconomics addresses issues such as “Why are house prices so high?”, “Can pollution effectively be controlled?” and “Should governments intervene in markets?” The macroeconomic issues covered include “Why does the government have an inflation rate target and how does it affect us?”, “What happens to the economy if consumers decide to spend more or spend less?” and “How are we affected by the growth of other economies around the world such as China and India?”
In Year 13, students develop their understanding of the micro and macroeconomics already learned in Year 12, considering economic concepts and theories in greater depth and recognising the values and limitations of economic models. Both sections of the A Level explore two contemporary and relevant contexts: the international context, which includes the impact of globalisation on UK economic performance and national context, focusing on economic events and economic policy here in the UK.
What Careers Can Economics lead to?
Economics graduates are employed in a range of posts which may, or may not be directly related to the subject. They work in manufacturing, transport, communications, banking, insurance, investment, medicine, engineering, media and retailing industries, as well as in government agencies, consulting and charitable organisations. A wide variety of professional bodies in all sectors of employment will consider Economics an excellent preparation for their professional examinations e.g. Banking or Accountancy. In short, it opens many doors!
Economics goes well with most other subjects. It is not necessary to have a GCSE in this subject or in Business to be able to take this course at A-Level. It is a suitable subject to complement Science, Social Science and / or Arts subjects. Combined with subjects such as Mathematics and Physics it can lead into engineering and in the present climate. Languages and Economics provides an excellent base for those looking to work abroad or in a company that has overseas links.
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