Economics

Economics is all about choice and the impact of our choices on each other. It relates to every aspect of our life; from the decisions we make as individuals or families to the structures created by governments and firms.

Why study economics?

An economic way of thinking can help you make better choices. Studying this subject will enable students to fine-tune their skills and allow them to develop an economic mindset. A transferrable skill, students studying economics will be equipped for all manner of future educational or career-based decisions.

Qualification	Economics
Awarding body	Edexcel
Year 12	Markets, Consumers and Firms Scarcity, choice and potential conflicts Introducing the market and the role of credit in the economy Market failure and government intervention Revenue, costs, profits and cash Enterprise, business and the economy The Wider Economic Environment Business growth and competitive advantage Firms, consumers and elasticities of demand Productive efficiency and life in a global economy The economic cycle and an introduction to macroeconomic policy
Year 13	The Global Economy Globalisation Economic factors in business expansion Impact of globalisation on companies and on the local and national economies Global labour markets Inequality and redistribution Making Markets Work Competition and market power Market power, market failure and market failure across the economy Macroeconomic policies and impact on firms and individuals Risk and the financial sector
Assessment	This course is assessed through three different written examination papers completed in either May or June of Year 13. Paper 1; Markets and Business Behaviour, Paper 2; The National and Global Economy and Paper 3; Microeconomics and Macroeconomics. Each assessment will last two hours.

Economics has developed my understanding of ongoing events which are currently happening in the world such as Brexit and the impact upon global markets.

Year 12 student