Economics
Head Of Department: Mr R Castle
Contact Details: rca@felsted.org
Twitter: @felsted_busecon
IB
Why study Economics?
Economics is perhaps the most immediately relevant of the Humanities, in the sense that you are dealing with everyday issues such as market forces, inflation, unemployment and globalisation, all of which impact on your day-to-day life. Studying some of the theories which drive the world’s political strategies, seeing how they affect the ordinary person, understanding the reality behind headlines in the news – Economics is an exciting introduction to the world outside the classroom.
Where will it lead me?
Economics involves the application of theories to real life. In particular, you will develop your analytical and evaluative skills across a wide range of topics which are broadly current affairs. These skills are really helpful for anyone hoping to enter the world of business, economics or politics, but are equally valuable for budding lawyers, managers, bankers or civil servants.
Course structure
The course is divided into these areas of study:
1. Unit 1: Introduction to economics
2. Unit 2: Microeconomics
3. Unit 3: Macroeconomics
4. Unit 4: The global economy
The introduction to economics is where students will get the opportunity to look at questions like ‘what is economics?’ and ‘how do economists approach the world?’
Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms.
Macroeconomics is the study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.
The Global Economy is the study of international trade. It looks at protectionism, exchange rates, and sustainable development.
The aims of the Economics course at SL and HL are to enable students to:
• develop a critical understanding of a range of economic theories, models, ideas and tools in the areas of microeconomics, macroeconomics and the global economy
• apply economic theories, models, ideas and tools and analyse economic data to understand and engage with real-world economic issues and problems facing individuals and societies
• develop a conceptual understanding of individuals’ and societies’ economic choices, interactions, challenges and consequences of economic decision-making.
Assessment:
Standard and Higher Level
External Assessment 70% at SL 80% at HL
Paper 1
Standard Level
(30% of your overall mark)
Higher Level (20%)
Extended answers on Microeconomics (Section A) and Macroeconomics (Section B)
Paper 2
Standard Level (40%)
Higher Level (30%)
Data response answers on International Economics (Section A) and Development (Section B)
Paper 3
Higher Level only (30%)
Known as the ‘policy paper’, Paper 3 will largely focus on the quantitative elements in the syllabus, but also testing definitions and explanations. The final part of each question will ask you to recommend a policy for the situation you were given.
Internal Assessment 30% at SL 20% at HL
Internally assessed by the teacher and externally moderated by the IB at the end of the course.
Students produce a portfolio of three commentaries based on published extracts from the news media linked to different sections of the syllabus.
It’s interesting! It’s challenging! It’s relevant! It’s useful! I love it!
Jemima, IB student
A Level
Exam Board: Aqa www.aqa.org.uk
Syllabus Code: 7136
Why study Economics?
The subject lends itself to a very contemporary approach to teaching and learning. Pupils are expected to keep abreast of current issues and to develop an analytical approach to life from an economic point of view. Lessons often focus on recent events unfolding across the nation and throughout global markets.
Expectations of independent study
Students are expected to keep their notes organised, to review lesson materials regularly, and to read ahead to prepare for forthcoming lessons. They will produce regular written work for marking in order to consolidate learning and assess their progress. In addition, we would like students to increase their awareness of current issues by reading newspapers and dipping into key resources such as the Economist and Economic Review magazines.
Requirements
You will need to learn key concepts and underlying principles and apply this theory to real life scenarios. You will have to consistently demonstrate and seek to improve your ability to explain and analyse issues in a range of contexts. To secure the highest marks you will also be required to evaluate and make judgements about the information that you have presented. Therefore we suggest that a 6 in Maths and English GCSE is a good indicator that you will be able to succeed on this course.
What do the pupils say?
“If you want to actually understand half of what the newspapers are saying, studying economics is the answer.”
“It is the most fun subject!”
“What you study is all relevant to everyday life.”
What career pathways are open to me if I study this subject?
A Level Economics provides pupils with the opportunities to develop important skills and relevant tools that will be helpful in many further and higher education courses and for employment.
Economics opens the doors to a wide range of possible careers such as Management, Banking and Finance, Law, Accounting, and the Civil Service to name a few.
Assessment:
Paper 1 33.3%
Markets and market failure
Paper 2 33.3%
National and international economy
Paper 3 33.3%
Economic principles and issues
Interesting, relatable, respected and important – Economics at Felsted.
Kimmi, A Level pupil