Economists study how governments, businesses and households can make the best decisions with the limited information and resources at their disposal.
The social science of economics has gained increasing prominence since the credit crunch of 2008 with resources, such as money and housing, in critical shortage and seemingly inadequate for a population with unlimited needs and wants. These pressures are evident in and around Warren as the government seeks to cut spending on health and education in an area of population growth and youth unemployment. Our department wants to make students aware of how these economic events may influence their lives.
A Level Economics has never been more popular as a course choice and the increasing presence of economics in the national media and consciousness makes this an ideal time to study the subject. At warren we seek to make the study of economics as fascinating, accessible and challenging as possible. We hope that you, and your child, will consider studying the subject with us.
Theme 1: Introduction to markets and market failure
An introduction to economic principles and how they influence the markets for goods and services. We will study how some markets can fail societies and what the government can do to reduce such problems.
Theme 2: The UK economy – performance and policies
This unit is based on identifying the UK macroeconomic objectives and how economic performance can be measured. You will then study the policies the government uses to meet these objectives and their impact upon living standards.
For Year 1, students will sit 2 x 90 minute exams on each Theme. Exams consist of a mixture of multiple choice, data response and extended open response questions. You will have one exam based on each theme.
Theme 3: Business behaviour and the labour market
Citizens in developed economies are dependent on the goods and services that businesses provide. You will study how a firm’s objectives, behaviours and profits are influenced by the level of government intervention and market structure in which it operates.
Theme 4: A global perspective
This unit applies theory covered in Unit 2 to other developed countries with an additional focus on emerging and developing economies. You will identify causes of poverty and inequality and constraints on economic development and competitiveness. For the first time students will study the financial sector and its significant impact on globalisation.
The A Level will be assessed on 3 x 2 hour exams at the end of year 13. Each exam consists of a mixture of multiple choice, data response and extended open response questions.
- Paper 1: Markets and business behaviour (Themes 1 and 3) 35%
- Paper 2: The national and global economy (Themes 2 and 4) 35%
- Paper 3: Microeconomics and macroeconomics (All themes) 30%
50 Economics Ideas: You Really Need to Know – Edmund Conway
Capitalism and Freedom by Milton Friedman
GDP: A Brief but Affectionate History, Diane Coyle
The idea of Justice, Amartya Sen
Chavs: The Demonization of the Working Class Owen Jones, 2012
Leftover Women: The Resurgence of Gender Inequality in China by Leta Hong Fincher
Microfinance and Its Discontents: Debt in Bangladesh by Lamia Karim
The Two Forms of Production
Under Capitalism by Mary Inman