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      Economics

      Why do we have a recession?  Can anything be done about it?  Is there such a thing as a free lunch?  Why are Premiership footballers paid so much more than doctors?  Does the Chancellor know what he's doing?  Think you could do better?  So, study Economics.   Economics at King’s is a rewarding intellectual experience, offering highly marketable skills in a way that is both stimulating and analytically rigorous.  

      What is the difference between Economics & Business?

      Economics is a social science that attempts to explain how the actions and decisions of firms, consumers, workers and governments affect the operation of the economy.  It plays a huge role in our daily lives, has links to international affairs and politics and is a subject that is often debated and discussed.  It requires a fair deal of analysis and includes topics such as supply and demand, growth, inflation, globalisation and exchange rates. 

      Business is more concerned with the actions and decisions taken by firms and focuses on topics such as marketing, human resources, accounting and finance, management, strategy and production methods.   Business Studies students will also have to cover some Economics, as it affects how businesses operate in their external environments. 

      Although Business is not free from theory, it is less theoretical than Economics.  Out of the two subjects Economics is considered to be the more academic by employers and universities.  Business requires less understanding than Economics, but it by no means an easy subject; instead it involves more learning and therefore has more work to cover, and a great deal of new terminology to grapple with. Therefore, you might say that the Economics course has more depth, with Business having more breadth. 

      Subject Content & Syllabus

      Students will study the Edexcel specification, examined via three exam papers:

      • Paper 1:  Markets & business behaviour
      • Paper 2:  The national & global economy
      • Paper 3:  Microeconomics & macroeconomics

      The course is split into four themes.  Themes one and three cover Microeconomics and themes two and four cover Macroeconomics.

      Theme 1
      Markets and market failure

      • The nature of economics
      • How markets work
      • Market failure
      • Government intervention

      Theme 2
      UK economy – performance & policies

      • Measures of economic performance
      • Aggregate demand and aggregate supply
      • National income and economic growth
      • Macro objectives and policy

      Theme 3  

      Business behaviour & labour market

      • Business growth and objectives
      • Revenues, costs and profits
      • Market structures
      • The labour market
      • Government intervention

      Theme 4  

      A global perspective

      • International economics
      • Poverty and inequality
      • Emerging & developing economies
      • The financial sector
      • Role of the state in the macro economy

      The transferable skills underpinning these units include: using complex models in written, numerical and graphical forms; applying models in context and evaluating their use; interpreting and evaluating data from multiple sources; suggesting possible solutions to problems; understanding the relationships and linkages that underpin macroeconomic models; predicting the possible impact of policy changes; and evaluating the effectiveness of government policies.

      Assessment

      Paper 1

      100 marks

      35%

      2hrs

      Paper 1 is split into three sections

      Section A: Five combined multiple choice and short-answer questions   (5 x 5 marks)

      Section B: One data response question broken down into five parts     (5, 8, 12, 10 and 15 marks)

      Section C: Essay: Choice of extended open-response questions; students select one from choice of two (25 marks)

      Paper 2

      100 marks

      35%

      2hrs

      Paper 2 is split into three sections

      Section A: Five combined multiple choice and short-answer questions. (5 x 5 marks)

      Section B: One data response question broken down into five parts  (5, 8, 12, 10 and 15 marks)

      Section C: Essay: Choice of extended open-response questions; students select one from choice of two (25 marks)

      Paper 3

      100 marks

      30%

      2hrs

      Paper 3 is split into two sections

      Each section comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; students select one from a choice of two.

      Economics is Social Science and it therefore spans the divide between the Arts and Sciences.  Economics impacts on our everyday lives and therefore helps to illuminate current affairs.  It also clarifies social, political and philosophical issues.  

      This is an excellent subject for the numerate, literate and able student.  It combines well with most subjects, although we would not generally advise students to take both Economics and Business.  GCSE Mathematics at grade 7 or above is preferred, not because of significant mathematical content but as an indication of analytical ability.  Economics can form the basis of many different university courses or careers.  It is a qualification respected by university admissions tutors as an indication of analytical ability.  It can be a complement to other A levels in the Sciences, Social Sciences or Humanities, and may lead to degree courses in any discipline.   

      Enrichment Opportunities

      • Trips to UK manufacturers
      • Bi-annual international trips to places such as China and New York
      • Young Enterprise
      • Student Investor
      • King’s of Commerce student magazine
      • Bank of England Target 2.0
      • ICEW Base
      • Manchester Airport Enterprise Competition
      • Student mentoring

      Careers

      For those students contemplating a degree in Economics, it should be noted that the vast majority of Russell Group universities request A level Mathematics as an entry requirement for studying straight Economics.  The department provides help for those students wishing to read Economics at university.

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