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Economics

 

 
This subject is highly topical; in GCSE Economics students will look at the fundamental forces which affect our lives, such as employment, prices, international trade and poverty. Consequently, a keen interest in current affairs and a willingness to read quality newspapers is essential. Although the subject is primarily theoretical, the work in the classroom can be related directly to the world outside. Economists are often in healthy debate with each other over these issues; it is this controversy which makes economics lively and interesting which allows you the opportunity to make your own judgements and form you own opinions.
 
There are several definitions of economics, with each trying to encapsulate the essence of the subject. At the centre of the subject is the question of how scarce resources are divided up and how decisions resulting from this affect us all. Economics is a fascinating subject because it includes the study of how people behave and interact with each other. The dynamic between consumers, manufacturers and government makes economics a vibrant topic.
 

What will students learn?

 
In the first year students will focus on both Microeconomics and Macroeconomics. Microeconomics addresses issues such as:
  • Why are house prices so high?
  • Can pollution effectively be controlled?
  • Should Governments interfere with markets?
The macroeconomic issues covered include:
 
  • Why does the Government have an inflation rate target and how does it affect us?
  • What happens to the economy if people decide to spend more?
  • How are we affected by the Chinese and Indian economies?
In the second year students will will build on their micro and macro knowledge in relation to Business Economics. They will also focus on 'The Global Context', including the impact of globalisation on UK economic performance.
 

Economics and the future

 
Economics is a versatile subject that can help you in a number of careers. It may lead to a career in multinational corporations, banks or the government but your qualification in economics could also be a valuable support in a career in marketing, law, journalism or teaching. Students who take Economics often study Law, Mathematics, Geography, History, Politics, Philosophy and Languages. Pupils considering studying Economics at degree level are advised to take mathematics at either AS or A2 level, as some degrees require a high level of mathematical competence.
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