Economics

Intent

The primary goal of the A-level Economics curriculum is to develop economic literacy and a critical understanding of the complex world around us. The course intends to:

  • Foster Analytical Thinking: Teach students to use economic models to explain real-world phenomena.
  • Encourage Critical Evaluation: Move beyond “right or wrong” answers to debate the effectiveness of various government policies and market outcomes.
  • Develop Quantitative Skills: Equipt students with the ability to interpret data, calculate elasticities, and understand the mathematical foundations of the economy.
  • Build Global Awareness: Examine the interdependency of nations, the impact of globalization, and the challenges of economic development.

What the Course involves

What the Course Involves

The AQA specification is split into two main branches, which are studied concurrently over the two-year course:

1. Individuals, Firms, Markets and Market Failure (Microeconomics)

Microeconomics focuses on the “small” scale—how individual people and businesses make decisions.

  • The Price Mechanism: How supply and demand interact to set prices.
  • Market Failure: Why markets sometimes fail to allocate resources efficiently (e.g., pollution or lack of public goods) and how the government intervenes.
  • Market Structures: Investigating how monopolies, oligopolies, and competitive markets operate differently.
  • Labour Markets: How wages are determined and why some people earn more than others.

2. The National and International Economy (Macroeconomics)

Macroeconomics looks at the “big” picture—how governments manage the entire economy.

  • Economic Performance: Measuring success through GDP growth, low unemployment, and stable inflation.
  • Financial Markets: The role of banks and the central bank (e.g., the Bank of England) in managing the money supply.
  • Fiscal and Monetary Policy: How the government uses taxes, spending, and interest rates to control the economy.
  • The Global Economy: International trade, exchange rates, and the impact of the UK leaving the EU or global shifts in power.

Assessment Overview

The A-level is assessed via three 2-hour exams at the end of the course. All papers are equally weighted.

Paper Title Format
Paper 1 Markets and Market Failure Data response questions and one essay (Micro).
Paper 2 National and International Economy Data response questions and one essay (Macro).
Paper 3 Economic Principles and Issues Multiple choice and a case study covering the whole course.
Who to contact if you want further information

Mr G Holden – G.holden@abbotbeyneschool.co.uk