Examination Board: AQA
Economics is a highly regarded academic discipline, the application of which is relevant to the real world. Every news programme, political debate and discussion, and many of our everyday conversations are littered with economic concepts.
The study of Economics teaches you how to think, to analyse numerical and written data, to evaluate different points of view and to express yourself clearly on paper and verbally in class discussion. There is no requirement for prior study at GCSE. What is imperative is a keen awareness of topical issues and an appreciation of the links between the economic and political environment.
Paper 1: Operation of markets and market failure.
This is an examination of the micro economy, including basic micro economic models such as demand and supply, the operation of the price mechanism and causes of market failure. Key concepts are the economic problems of scarcity and choice.
Paper 2: The national economy in a global context.
This is an introduction to macroeconomics i.e. to give a theoretical understanding to the national and international economy, considering issues such as unemployment, inflation and economic growth. Students develop a good knowledge of recent trends and developments in the UK economy and the complexity and conflicts that may arise with regard to government economic policies.
Assessment for modules 1and 2 is in the form of multiple choice and data response questions based on two contexts. There is no extended essay writing at AS level.
For the full A level, students prepare for three papers:
- Paper 1 Markets and market failure
- Paper 2 National and international economy
- Paper 3 Economic principles and issues
Papers 1 and 2 are two hour examinations comprising a data response question (a choice of one from two contexts) and an essay (a choice of one from three options.)
Paper 3 is a two hour exam with both multiple choice and case study questions.
Each paper is of equal weighting and all questions are compulsory.
The A2 Economics specification provides opportunities for pupils to apply their knowledge and skills to real-life case studies and data exercises. Students apply economic theory to the analysis of current economic problems and issues, gaining an appreciation of the interrelationship between micro and macroeconomics.