What’s A level Economics about?
A level Economics is divided into two parts: Microeconomics and Macroeconomics. Microeconomics explores the concept of an ideal free market economy, based on perfect competition, and compares it with the complexity and inefficiency of real modern market phenomena. Macroeconomics looks at economics from a national point of view and explores themes like Inequality, Unemployment and Immigration, Economic Growth and Trade/Budget deficits. It also considers the trade-offs that governments face as they try to resolve problems such as the financial crisis of 2008. Economics A level also explores themes in behavioural economics, which is the fast-emerging counterpoint to the 'ideal behaviour' ideas on which classical economics is based.
After doing an A level in Economics, you will understand the assumptions behind economic terms such as 'free markets', which increasingly dominate political debate. You will realise the bluntness of economic policy tools and the extent to which economic concepts and methods help us understand and tackle issues such as climate change, inequality, and racism. You will discover that many popular ‘economic arguments’ are actually political arguments couched in economic terms. You will then be equipped to reason out and debate the merits and demerits of each argument and to choose an option that suits your own beliefs.
A good A level economics student will realise that almost all economic decisions are fraught with uncertainty and subject to the 'law of unintended consequences'. It will enable her or him to separate truthful people from snake-oil salesmen. Isn’t that a worthwhile skill to have?
What sort of work is involved?
A level Economics requires logical thinking, and a command of Maths to good GCSE level. It's also a subject which requires social awareness and which develops the ability to debate, both in class and on paper. There's often no right or wrong answer when it comes to Macroeconomics, so you need to be able to present arguments clearly, supported by relevant examples.
You can't rely entirely on your textbook. Economics is the life-blood of political debate, and you need to keep up to date, following news online and in print to pick up on economic, political, business and social issues.
What background do I need?
You don't need any prior knowledge of economics in order to start an A level Economics course but you do need to be good at both English and Maths: with C grades at GCSE you may well find Economics very demanding. You need to have a real curiosity about the world, to think logically and you must have a desire to debate issues based on evidence.
An A Level Economics course can combine well with a range of other A levels, across the whole spectrum from sciences to arts subjects.
Where can it lead?
As well as leading into Economics-based degrees, A level Economics is a good background to a wide range of other degrees. Be aware that top Economics degree courses may well also require A level Maths. A level Economics is well respected for the breadth you need to show in order to get a good grade
One year course?
Yes, but only if you are a self motivated student with good post GCSE experience. Because A level Economics requires an awareness of current affairs and human behaviour, and makes demands of both writing and numeracy skills, inexperienced students find a compressed course very challenging.
Assessment
A level Economics is a 'linear' subject, assessed entirely by end-of-course exams. Here's a brief description of the AQA exam board's assessment scheme.
- Paper 1 Markets and market failure (microeconomic issues). A section of data response questions, and a section of essay questions (choose 1 from 3)
- Paper 2 National and international economy. (macroeconomic issues) Same question structure as paper 1
- Paper 3 Economic principles and issues (a synoptic paper which can test any part of the A level). A section of multiple choice questions followed by a section of case study questions.
This article was written by Girish Menon of Cambridge Centre for Sixth-form Studies
