Economics is a real and relevant subject, combining academic rigour with real-world application. At both GCSE and A level, Economics encompasses the following main elements:
Macroeconomics – Macroeconomics means the study of the economy as a whole. You will learn about how and why governments make decisions about such factors as the income tax and benefit system and the interest rate. You will gain a critical understanding of the considerations behind these decisions, and will be able to develop your own informed opinion.
Microeconomics – Microeconomics involves the study of specific industries. You will learn about demand and supply and how free markets set prices. You will also consider how governments intervene in specific markets, for example the effects of taxing and subsidising certain products. You will also develop an understanding of how governments can make the wrong decisions.
Economics in a global context – This element of Economics invites students to consider the world beyond the UK. You will consider why some countries are more developed than others, and how we can help poorer countries to thrive. You will also learn about exchange rates and trade.
The idea Economics student is one who is curious about the world around them, and who wants to delve more deeply into news headlines. Economics is a versatile subject; it combines well with most other subjects at A level, and opens up many areas of university study and career paths.