Shelley College: Economics

Head of Department: Miss J Roberts

Albert Camus:
" Economics is the art of trying to satisfy infinite needs with limited resources."
You may have heard on the news about the state of the economy. Economics is the study of how different groups, people, firms and countries interact. In AS level economics, which is a one year course,  we look at what happens when these different groups of stakeholders interact and the result this has in terms of prices charged by businesses and their production of goods and services; we examine these effects in the short run and in the longer term. Actions and decisions taken today often have far-reaching effects into the future. Mostly we look at what people want (demand) and what other people are willing to provide (supply).

The AS course clearly leads into the A2 Economics course which is also a 1 year modular course of study. With this you will be in a position to pursue a wide range of courses in higher education or go straight into employment. Previous students have progressed onto a variety of courses such as Economics , Management, Business Studies, Entrepreneurship, Accountancy and Finance, International Business, Environmental Economics and Law.

Unit 1. Competitive Markets– How they work and why they fail.
This unit is an introduction into economics and looks at how the price mechanism allocates resources efficiently in some cases but fails in others. You will also be examining some of the possible policy remedies to correct these failures. You will study supply and demand theory and investigate different markets such as shares, oil, housing, food and labour. This unit involves some calculations and diagrams. You will find the answers to questions such as:

How are prices determined?
How does the minimum wage work?
Why is education free but food is not?
Why does unemployment occur and what can be done about it?
How and why does the government impose taxes?
Why does London have a congestion charge? Does it work?

Unit 2. Managing The Economy.
In this unit you will be looking at how we measure economic performance and the possible policy remedies to correct poor performance: you will understand how the economy works including key indicators such as inflation, unemployment, interest rates, the balance of payments, economic growth, and investment. You will study how fiscal and monetary policy are used to regulate the economy.

A2
Unit 3. Business Economics and Economic Efficiency
This follows on from unit 1 in year 1. You will be examining the nature of competition between firms and how this alters as the size of the market and number of competitors within the market changes. You will understand a whole new vocabulary: Oligopoly, monopoly, monopsony, perfect competition. You will study the effects of competition on costs using diagrams.

Unit 4.
The Global Economy.
This carries on from unit 2 in year 1, but applies concepts learnt then to a global context. You will also be evaluating the effectiveness of different models, and gain a knowledge of the trends in the global economy over the past 10 years.

Assessment:
AS:
2 units
100% Exam
Competitive Market, How they work and why they fail. There is one 1 hour and 30 minute Exam which is 50% of the final AS Grade. Managing the Economy. There is one 1 hour 30 minute Exam which is 50% of the final AS Grade.

A2:
2 units
100% Exam
Business Economics and Economic Efficiency. There is one 1hour and 30 minute Exam which is 40% of A2 Marks (20% of Final Grade). The Global Economy. There is one 2 hour exam which is 60% of A2.
Studying Economics will help you develop a range of skills, including:

Analytical and problem solving skills
Numerical and computing skills
Communication skills
Team working skills
Economic Awareness

Economics students find employment in a range of  fields such as manufacturing, transport, communications, banking, insurance, investment and retailing industries, as well as in government agencies, consulting and charitable organisations.

”Post-university employment rates for economists are among the highest for graduates”Source: Edexcel specification.

In all these settings, employers value economics graduates' understanding of decision-making, their research and analytical skills, and their experience of viewing problems in their national and international context.