Economics is a traditional, academic subject which studies how governments seek to make the best use of scarce resources. In life demand for resources will always exceed the available supply. Given that resources are scarce, decisions need to be made about what the resources should be used to make; how to make the best use of scarce resources and who should get the goods and services produced. In a capitalist economy who gets what is determined by an individual’s ability to pay, whilst in a communist economy resources are generally allocated according to need.
Economics is split into two broad areas, microeconomics where you will learn about how price is determined by the interaction of supply and demand, how changes in price will impact on incentives and when the market fails to allocate resources to the provision of goods where there a clear and obvious demand.
Macroeconomics looks at what constitutes a healthy economy such as high levels of employment and low rates of inflation. It looks at the benefits of a healthy economy and analyses the policies open to government to influence the macroeconomic environment.
How will I be examined?
The examinations will all be sat at the end of the two-year course and will consist of three 2-hour papers including a combination of data response and essay questions. Each examination will carry an equal weighting in terms of their contribution to the overall grade. The first two papers will cover the two broad branches of Economics previously mentioned, whilst the third paper will examine broader economic principles, issues and themes.
What subjects go well with Economics?
There is a lot of mathematics at both A Level and degree level so competency in this subject would be of benefit. Economics combines well with other social science subjects such as Government and Politics or History, but it is increasingly popular with science students as it offers them greater breadth.
Students should have achieved at least grade 9 to5 in GCSE Mathematics.
Students who study A-level Economics have not usually studied the subject at GCSE.
Economics is suitable for a wide range of careers from working as an economist, to investment banking, or research.
What makes Loreto’s Economics department unique?
Grade 1 ‘Outstanding’ when department was last inspected.
An excellent track record of helping student gain places at Russell Group Universities including Oxford and Cambridge.