Economics is a fascinating subject which empowers students to understand how our economy works. The UK and the rest of the world have recently experienced a deep recession and our economy is still bruised and recovering. If you study A-Level Economics you will learn why it happened and why it will probably happen again.
The changing economic environment influences every single one of us and yet there are many people who have no idea what is going on in the world around them. Economics will expose you to a breadth of very practical information on a wide variety of topics from mortgages and personal finance to politics and emerging markets.
The Lessons are varied and exciting as we believe that using real economic data and news articles aids the application of the theory. We encourage students to be proactive and work independently to problem solve wherever possible. Students are encouraged to peer teach and carry out research projects. Economics is offered at A-Level.
A-LEVEL
2014-2015 – current
We currently offer the Edexcel A Level course. The award code is 8EC01 for the AS Level and 9EC01 for the A-Level. The course is divided into four units. The first two are taught and assessed in Year 12 (first year) and the second two are taught and assessed in Year 13 (second year). The assessment format is as follows:
AS – YEAR 12 EXAMINATIONS
| Unit 1 – 6EC01 | Unit 2 – 6EC02 |
| Unit Title: Competitive Markets — How They Work and Why They Fail | Unit Title: Managing the Economy |
| 50% of AS, 25% of A Level | 50% of AS, 25% of A Level |
| 1 hour 30minutes examination | 1 hour 30 minutes examination |
| 80 marks | 80 marks |
| supported multiple-choice questions and one data response question out of a choice of two questions. | one data response question out of a choice of two questions. |
| Available June only | Available June only |
A2 – YEAR 13 EXAMINATIONS
| Unit 3 – 6EC03 | Unit 4 – 6EC04 |
| Unit Title: Business Economics and Economic Efficiency | Unit Title: The Global Economy |
| 20% of A Level | 30% of A Level |
| 1 hour 30 minutes examination | 2-hour examination |
| 72 marks | 100 marks |
| supported multiple-choice questions and one data response question out of a choice of two questions. | one essay question with two parts from a choice of three topic areas, and one data response question out of a choice of two questions. |
| Available June only | Available June only |
2015-2016 – new
The modular element is being removed from all A-Levels and they will become linear from September 2015. All of the assessments will take place at the end of the course. The AS level Economics specification code will be 8ECO and the A-Level specification code will be 9ECO. We will still offer the Edexcel specification. The subject content is largely untouched but each unit will now be referred to as a ‘theme’. The new themes are as follows:
| Theme 1: Introduction to markets and market failure | Theme 2: The UK economy – performance and policies |
| This theme focuses on microeconomic concepts. Students will develop an understanding of● the nature of economics● how markets work● market failure● government intervention. | This theme focuses on macroeconomic concepts. Students will develop an understanding of● measures of economic performance● aggregate demand● aggregate supply● national income● economic growth● macroeconomic objectives and policy. |
| Theme 3: Business behavior and the labor market | Theme 4: A global perspective |
| This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding o:● business growth● business objectives● revenues, costs and profits● market structures● labor market● government intervention. | This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of● international economics● poverty and inequality● emerging and developing economies● the financial sector● role of the state in the macroeconomy. |
The new assessment format is as follows:
AS – YEAR 12 EXAMINATIONS
| Paper 1: 8EC0/01 | Paper 2: 8EC0/02 |
| Introduction to markets and market failure | The UK economy – performance and policies |
| 50% of AS | 50% of AS |
| 1 hour 30minutes examination | 1 hour 30 minutes examination |
| 80 marks | 80 marks |
| Paper 1 will assess microeconomics and questions will be drawn from Theme 1.Two sections.● Section A comprises a range of multiple-choice and short-answer questions.● Section B comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; students select one from a choice of two. | Paper 2 will assess macroeconomics and questions will be drawn from Theme 2.Two sections.● Section A comprises a range of multiple-choice and short-answer questions.● Section B comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; students select one from a choice of two. |
| Available June only | Available June only |
A2 – YEAR 13 EXAMINATIONS
| Paper 1: 9EC0/01 | Paper 2: 9ECO/02 | Paper 3: 9ECO/03 |
| Markets and business behavior | The national and global economy | Microeconomics and macroeconomics |
| 35% of A Level | 35% of A Level | 30% of A Level |
| 2-hour examination | 2-hour examination | 2-hour examination |
| 100 marks | 100 marks | 100 marks |
| Paper 1 will assess microeconomics and questions will be drawn from themes 1 and 3.Three sections.● Section A comprises a range of multiple-choice and short-answer questions.● Section B comprises one data response question broken down into a number of parts.● Section C comprises a choice of extended open-response questions; students select one from a choice of two. | Paper 2 will assess macroeconomics and questions will be drawn from Themes 2 and 4.Three sections.● Section A comprises a range of multiple-choice and short-answer questions.● Section B comprises one data response question broken down into a number of parts.● Section C comprises a choice of extended open-response questions; students select one from a choice of two. | Paper 3 will assess content across all four themes. Two sections.● Each section comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; students select one from a choice of two. |
| Available June only | Available June only | Available June only |
DIGITAL LEARNING IN ECONOMICS
Macro-Economic variables are constantly changing. One of the best things about teaching Economics is that the subject changes on a daily basis. We use iPads to help us to keep up to date with the changing external environment. Students are expected to read news articles regularly and we frequently have ‘latte lessons’ where everyone will bring along an article that interested them and we discuss and debate the details……the coffee is optional!
It is imperative that students learn how to learn. In my experience, this involves reading and carrying out research. When students do research they learn the skill of synthesis which is imperative to study at a higher level. In Economics we use the iPads to encourage students to seek out information and also to deliver teaching materials and peer teaching sessions.
There are many useful websites available and all students are issued with a list of sites and apps that they will find useful day to day and also for revision purposes. A few examples:
www.tutor2u.net
www.bized.co.uk
www.economist.com
www.bankofengland.co.uk
ENRICHMENT IN ECONOMICS
Target 2.0
Target 2.0 is a national competition run by the Bank of England. The challenge is to decide on the Monetary Policy Strategy that the Bank of England should use to keep inflation at the government target of 2.0% +/- 1%. This is a very demanding competition and requires an in-depth knowledge of government policy and its consequences. Students also require the confidence to present their recommendations in front of their peers and the judges. Students must be knowledgeable enough to answer questions on the spot and to respond to those challenges with countermeasures.
Young Enterprise
Young Enterprise is a national enterprise competition. It is a very challenging activity and is open to any student in Year 12. The objective is to turn a business idea into reality. You must plan, finance, market and launch a business idea and trade for one academic year. There are various competitions to attend throughout the year where you will set up and run a trade stand, answer questions from a panel of judges, write a company report and present your idea and experiences in front of your peers and local entrepreneurs. Teesside High School is one of the most successful Young Enterprise teams in the North East of England.
ECONOMICS CLINIC
If you have any problems or questions then just pop along to the Economics clinic and one of our staff will be happy to help. You might want to work through an exam question or go over some homework – we can tailor the session to meet your needs.
WHY TAKE ECONOMICS?
Economics is a traditional and well-respected course. Universities like applicants who have studied Economics because it demonstrates that candidates are numerate and are capable of writing extended responses. An A-Level in Economics gives you much more than just a grade to get into university – it makes you aware of what is going on in the world! If you are interested in pursuing a career in Politics, Accountancy, Law or Mathematics then an A-Level in Economics will be invaluable. If you’re not sure what you want to do after A-Levels, then Economics is also an excellent choice – it will give you the breadth and help to keep your options open.