ECONOMICS (EDX)

AS Course Outline

What is Economics?
"If all the economists were laid out end to end, they wouldn't reach any conclusions"

Economics at AS will certainly try to find some conclusions to the problems the UK and other countries face. It will be suited to students who enjoy listening to economic debates and will ask questions such as:

  • Should universities charge fees?
  • How can global warming be reduced?
  • Is charging the best way to reduce congestion?
  • What are the objectives of government policy?
  • How do changes in oil prices affect economies?

Students should therefore take an active interest in current affairs and read a daily broadsheet newspaper. Economics AS does not require previous GCSE experience of the subject. Economics analyses different economic systems and how they develop over time and how decisions regarding resource allocation are made. It considers what is produced, how it is produced and for whom. It deals with how free markets can deliver the goods and services to improve our living standards while also looking at the problems associated with free markets such as pollution and inequality. Government policies to deal with managing the economy and their effectiveness are also studied.

As a social science, economics tries to reach solutions based on logic and objectivity rather than mere opinion. Students will develop a keen interest in the important issues and the various arguments surrounding them and then come to reasoned conclusions based on careful analysis.

What Skills Will Students Develop When Studying Economics?

  • Economics enables students to maturely understand how the UK economy functions and will be an asset when working in a business environment.
  • Students will be able to use the knowledge for their own benefit and will have a healthy grasp of issues that affect their everyday lives.
  • After completing the subject, students will be able to confidently debate economic issues and learn the skills of persuasive argument and counter-argument.
  • Students will develop their analytical and essay writing skills during the course and will have to assimilate information and present it in a clear and concise way.

ECONOMICS (EDX) AS Specification

Unit 1
1 hour 30 minutes
80 marks
50% of AS Exam

Competitive Markets - How They Work and Why They Fail
The basic economic problem;
Supply, demand and markets;
Elasticity;
Resource allocation and market failure;
Government failure.

Supported multiple choice questions and one data response out of a choice of two.

Unit Two
1 hour and 30 minutes
80 marks
50% of AS Exam

Managing the Economy
Economic performance;
AS/AD model;
Macroeconomic objectives and policies;
Conflicts between objectives.

One data response question out of a choice of two questions.

Structure of the Course
This course will be taught for 6 lessons per week. Homework will be set weekly and deadlines must be adhered to. Reading of textbooks, journals and economic coverage in broadsheet newspapers is essential. Tests are set frequently.

Recommended Reading
Economics Alain Anderton 5th Edition Causeway Press

Fees and Dates