We live in a world where peoples’ choices are unlimited but the resources available to meet those choices are finite. Consequently, we have a problem of scarcity. For example, we would like to do many things, such as go on holiday and buy a new car but we might not have either sufficient time or money to choose both of these options. Economics attempts to tackle problems of scarcity by providing people with incentives to change their behaviour, to achieve a better allocation of scarce resources. For example, introducing a congestion charge in central London (an incentive to use public transport) means fewer vehicles use the roads (a scarce resource) during the day. The favourite way for economists to address the problem of scarcity is to use a market. Let buyers and sellers determine the price of a good and how much of that good is traded. Unfortunately, markets do not always achieve the optimum allocation of scarce resources. Imagine if healthcare was left to the market: what would happen? Only those people able to afford healthcare would be treated. Others, with equal need, would be left untreated. In other words, the market would not allocate enough resources to healthcare.
As well as studying individual markets (known as microeconomics) we also look at national economies (macroeconomics). Here, again, the problem is characterised by scarcity and issues of resource allocation. At the national level, these problems give rise to issues such as inflation; unemployment; inadequate growth in the economy; balance of payments difficulties and unsustainable development. To tackle these issues, you will investigate some of the different ways governments can intervene in the economy and alter the total amount of demand and supply of goods and services available.
Specification – AQA – Economics (7136)
Who this course is for
This course is perfect for students interested in understanding how economies work and how scarce resources are allocated. It is well-suited for those who enjoy following current affairs, have a curiosity about societal issues, and are comfortable with analytical thinking. While no prior knowledge of Economics is required, students aiming to study Economics at university are advised to also take A Level Mathematics.
What you will learn
Economics focuses on the problem of scarcity and how resources are allocated in both individual markets (microeconomics) and national economies (macroeconomics).
Key topics include:
- Microeconomics: The study of individual markets and how prices are determined by the interactions between buyers and sellers. You will explore how incentives influence behaviour and how markets can fail to allocate resources efficiently.
- Macroeconomics: Understanding national economic issues such as inflation, unemployment, economic growth, and sustainable development. You will examine how governments intervene in the economy to address these issues.
- This course will teach you to approach real-world problems with an economic perspective, giving you insight into both individual and societal decisions.
How you will learn
You will explore economic theories and apply them to real-world scenarios through data response questions, essays, and class discussions. Keeping up with current events is essential, as Economics is closely tied to what is happening globally. Reading newspapers and following economic reports on media platforms will help you bring relevant examples into your work.
What you will need to bring
An interest in current affairs is crucial and strong skills in Mathematics and English Language are important to be successful on this course. To enhance your learning, it is recommended to regularly read newspapers, such as The Financial Times, and to borrow resources such as “AQA A Level Economics” from the school library. A calculator and a notebook for organising your notes and data analysis will also be useful.
How you will be assessed
The course is assessed entirely through written examinations, consisting of:
- Multiple-choice questions
- Calculating Questions
- Data response questions
- Essays
All exams are externally marked and sat in the summer term of Year 13.
Where next
A Level Economics provides a strong foundation for careers in finance, accountancy, insurance, and business. Many students also pursue university studies in a wide range of fields, including Economics, Law, Mathematics, Engineering, and Modern Languages. The course will give you a deeper understanding of how societies function and your role within them, preparing you for a wide array of career paths.