“The power of a theory is exactly proportional to the diversity of situations it can explain.”Elinor Ostrom
Economics is a highly regarded academic discipline, the application of which is relevant to the real world. Every news programme, political debate and discussion, and many of our everyday conversations are littered with economic concepts.
The study of Economics teaches you how to think, to analyse numerical and written data, to evaluate different points of view and to express yourself clearly on paper and verbally in class discussion. There is no requirement for prior study at GCSE. What is imperative is a keen awareness of topical issues and an appreciation of the links between the economic and political environment.
A level
The A Level Economics specification provides opportunities for pupils to apply their knowledge and skills to real-life case studies and data exercises. Pupils apply economic theory to the analysis of current economic problems and issues, gaining an appreciation of the interrelationship between micro and macroeconomics. We expect pupils to have an avid interest in the external environment in which we all operate and to be aware of issues of topical relevance in the news media.
Course Content and Assessment – Examination Board: Edexcel, Code: 9EC0
- Paper 1: Markets and business behaviour (Written exam: 2 hours, 35% of the qualification)
This is an examination of the micro economy, including basic micro economic models such as demand and supply, the operation of the price mechanism and causes of market failure. Key concepts are the economic problems of scarcity and choice. There are multiple choice, short answer and extended open-response questions.
- Paper 2: The national and global economy (Written exam: 2 hours, 35% of the qualification)
This is an introduction to macroeconomics which gives a theoretical understanding of the national and international economy. Pupils develop a good knowledge of recent trends and developments in the UK economy and the complexity and conflicts that may arise about government economic policies. There are multiple choice, short answer and extended open-response questions.
- Paper 3: Microeconomics and macroeconomics (Written exam: 2 hours, 30% of the qualification) This paper is synoptic and necessitates an analytical and evaluative appreciation of microeconomic and macroeconomic concepts assessing theories from the perspective of the market and the national and international economic environment. There are data response and open-response questions.
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Co-Curricular
Subject prefects run the Economics society where topical issues are debated and discussed. Pupils also enter competitions such as those facilitated by Russell group universities. Pupils receive specialist help in preparing their Oxbridge application. A biennial overseas trip is run and is very popular in terms of uptake and benefit.
Career and Higher Education
Economics is a subject which combines with almost any other and is highly respected by Russell Group universities and employers. It makes an excellent foundation for courses in any subject at university. Economics graduates have some of the highest average graduate starting salaries as the skills acquired at A Level and beyond are very marketable and can be very lucrative in today’s increasingly competitive environment. Economics graduates are amongst the top seven highest earners after graduation (The Complete University Guide 2025).
