Head of Department: K.J. Madsen Board: WJEC
Economics is concerned with the way we decide how to use scarce resources to produce goods and services. The nation cannot build all the factories, roads, schools, houses and hospitals required. Individuals have to decide how to use the resources available to them, i.e. their income and wealth. The student of Economics is concerned with how these choices are made. They are also concerned with the role of the Government and why particular policies in the fields of trade, exchange rates, taxation, unemployment, investment, trade unions, inflation and the Third World are pursued. Should Britain leave the EU? What are market forces? Should Britain join a single European currency? What are the effects of changing interest rates on the Economy? The student is encouraged to apply the economic concepts learnt to real world issues such as: housing, health, education, transport, pollution, agriculture etc.
This will examine markets and society, macro economic theory and policies, i.e. what causes unemployment, what policies can the government take to cure unemployment. The examination involves two papers: EC (1) An introduction to Micro and Macro Economics. 1 hour compulsory short answer paper worth 20% EC (2) Microeconomic and Macro theory and policy .Compulsory data question and two two-part essays one micro from a choice of three and one macro from a choice of three.(30%)
In the second year pupils will study more complex micro- and macro-economic policies at a local, national and international level. It also includes the study of competition and competitive behaviour and international trade and development. EC (3) Competitive behaviour, macro economics and globalisation, Compulsory short answer questions and 1 synoptic essay from a choice of three (25%) EC (4) 1 data question from 2 and one synoptic essay from a choice of 3 (25%)
1. Interest and Relevance: Economics can be a challenging and stimulating subject and influences all our lives in a very direct way. Who can say that economic events do not affect them? A good Economist requires a variety of skills, they should be numerate, have the ability to think and write clearly, concisely and logically. They should be able to interpret and analyse data which is presented in a variety of forms and be able to meet the logical demands of multiple choice questions. 2. To gain a recognised qualification as a basis for higher education. Economics is seen by Universities as an academic subject and is especially useful for those who are thinking of undertaking a Geography, Accountancy, Business or Economics degree. Many University courses such as Law include a first-year Economics component. 3. To gain grounding in a subject that is directly useful in many careers - such as Banking, Accountancy, Management, Civil Service and Local Government.
Economics combines well with a range of subjects including Mathematics, History, Geography and Modern Languages.
Students are encouraged to subscribe to Economics Today, an economics publication aimed specifically at sixth form students. Magazines such as The Economist, The Economic Review, the Bank reviews and a selection of quality newspapers are made available within the School by either the Economics Department or the School Library.