We make economic decisions every day, even though most people don’t realise it.
We make economic decisions every day, even though most people don’t realise it. How do I decide between the cinema and watching my favourite team, going for a run or reading an article in the Economist, as these represent conflicting choices concerning my time and money? I am forced to decide which of my wants, is most important. That’s the whole idea behind economic decisions; there are not enough resources available to the world, to satisfy everyone’s wants. As Economists, we attempt to understand the decisions that are made and analyse their impact on individuals, firms and society as a whole.
At RGS we attempt to provide a framework for students to make sense of the world around them, develop an understanding of current economic issues, problems and institutions that affect everyday life. In short, students learn to analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of the government within it. At A Level, students do not have to deal with complicated mathematics but they must be able to think logically and in the abstract. Students also require a clear mind and an ability to think logically and to write good quality English. The most successful students must also have an interest in current affairs. It should be noted, however, that most UK universities either require, or strongly prefer, Economics applicants to have studied A Level Maths.
Microeconomics: Economic methodology and the economic problem, individual economic decision making, price determination in a competitive market, production, costs and revenue, perfect competition, imperfectly competitive markets and monopoly, the labour market, the distribution of income and wealth: poverty and inequality, the market mechanism, market failure and government intervention in markets
Macroeconomics: The measurement of macroeconomic performance, how the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts, economic performance, financial markets and monetary policy, fiscal policy and supply-side policies, the international economy.
Paper 1: Markets and market failure. Microeconomics content. Written exam: 2 hours, 80 marks, 33.3% of A-level. Section A: data response questions requiring written answers, choice of one from two contexts worth 40 marks Section B: essay questions requiring written answers, choice of one from three worth 40 marks
Paper 2: National and international economy. Macroeconomics content. Written exam: 2 hours, 80 marks, 33.3% of A-level. Section A: data response questions requiring written answers, choice of one from two contexts worth 40 marks Section B: essay questions requiring written answers, choice of one from three worth 40 marks
Paper 3: Economic principles and issues. Microeconomics and macroeconomics content. Written exam: 2 hours, 80 marks, 33.3% of A-level. Section A: multiple choice questions worth 30 marks Section B: case study questions requiring written answers, worth 50 marks
Grade 7 in Maths and English GCSEs
Easter trip to Shanghai, City visit to Deloitte’s, Docklands Trip to Citibank, Towers Watson Reigate, Docklands visit to State Street Bank.
The Economics Society meets every Monday lunchtime. We have a mixture of student presentations on topics of interest, student led debates and we arrange for a variety of speakers to come into school, Tom Holland of Acquire Marketing, Ian Harwood, Chief Economist at Redburn and RGS’ own Head of Marketing, Emily Williams have all provided great insights to students this year.
We encourage our students to develop their understanding of the subject by entering external essay competitions, for example the Royal Economics Society (RES) and Institute of Economic Affairs (IEA), attend public lectures at LSE and have taken students across to Eton College to take advantage of their speaker programme. All students are offered an annual subscription to the Economist at a greatly reduced price.
Course Summary and Specifications
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