The Economics Department is one of the largest departments in the Sixth Form. There are currently four core members in the department who all bring with them varying economics and commercial experience. The department is well situated in the van Hasselt Centre with dedicated classrooms which help to host a range of media which complements the delivery of these contemporary subjects.
Economics continues to be a popular subject amongst Cranleighans and the results achieved have been very consistently strong. Many enjoy the new challenges it offers them, while others seek to take a subject that has real relevance in today’s competitive market-place. Whatever the choice, someone who successfully completes the course will have a thorough grounding in analysing and evaluating the functions of the modern economy.
Specifically, Economics is split into two areas: microeconomics and macroeconomics. Microeconomics looks at how we should best use our scarce resources, how markets work to determine prices and output, why markets sometimes fail to work efficiently and how the government should intervene to solve this market failure. Some questions we consider are:
- Will house prices keep rising?
- Is monopoly power a bad thing?
- Should the congestion charge be extended?
- Should the Government spend more on the NHS?
Macroeconomics involves studying the whole economy and trying to improve overall living standards. It considers how the Government should try to achieve objectives, such as raising economic growth and lowering inflation and unemployment, by altering interest rates, taxation and government spending. Macroeconomics also looks at international factors affecting the UK economy and the importance of imports and exports and the exchange rate. Some questions we consider here are:
- Is the value of the Euro against the dollar a matter for concern?
- How is the UK affected if the USA goes into a recession?
- Who benefits from globalisation?
- Will lower interest rates lead to improved economic growth and lower unemployment?
The specification offered is the AQA course, which is split across two key themes:
- Individuals, firms, markets and market failure
- The national and international economy
These themes will be tested across three papers, which will be a combination of multiple choice, short answers and essays. There is no coursework element in either year. For more information on the A-level course, please contact the Head of Economics, or visit the AQA website directly. A-level Economics 7136
Economics suits pupils who think logically and can use theories to understand how economies, markets and firms operate. It requires a clear mind and an ability to think and analyse logically. Students with a scientific/mathematical mind may benefit, as concepts and theories need to be grasped and applied. It is worth noting that whilst there is little Maths required at A-Level, universities require students applying for Economics at university to have a Maths A-Level (typically at A grade or above).
Many students ask, “So what Maths content is included?”. The AQA exam board makes that clear and states: In order to develop their skills, knowledge and understanding in economics, students need to have acquired competence in the quantitative skills that are relevant to the subject content and which are applied in the context of an economics A-level, including:
- calculate, use and understand ratios and fractions
- calculate, use and understand percentages and percentage changes
- understand and use the terms mean, median and relevant quantiles
- construct and interpret a range of standard graphical forms
- calculate and interpret index numbers
- calculate cost, revenue and profit (marginal, average, totals)
- make calculations to convert from money to real terms
- make calculations of elasticity and interpret the result
- interpret, apply and analyse information in written, graphical and numerical forms.
The assessment of quantitative skills will include at least Level 2 mathematical skills as a minimum of 20% of the overall A-level marks. These skills may be assessed across the assessment objectives.
Given the contemporary nature of the subject the pupils will find it essential to get into the habit of following daily economic news stories and to be excited by the many issues which affect modern society. In turn they will find that they are able to use their academic work in this subject to help make informed judgments about how Economics can offer solutions to issues such as poverty, pollution, inflation, the NHS and, more broadly, how to raise the standard of living in an economy.
As a social science, halfway between arts and the sciences, Economics combines well with many other subjects at A Level. However, it is not possible for students to take Economics if they are planning to take Business Studies, as the two subjects share some common ground.
