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Economics
A modern definition is that economics is about how
people respond to incentives in the environment in which
they find themselves. Traditionally economics is about
scarcity and choice. The planet has scarce resources and
economists are concerned about using these resources in
the most efficient way. If we make the best use of the
planet's resources, it is in all our interests. Economics
develops theories that allow us to understand the
complexities of the real world and help us to use the
world's resources more efficiently.
Areas studied include markets and market failure,
government economic policy, environmental economics,
the housing market, the Euro, business economics,
international economics, fiscal policy and monetary policy.
Economics will help develop analytical and evaluative
skills that will help students to improve their personal
financial position throughout their lives. These skills are
transferable and can be applied to non financial subjects
and careers. It will imbue students with a new way of
thinking about life. Economic theories that are learnt can
provide valuable lessons that can be applied to individual
circumstance as well as a high flying financial career.
Employers love economics and recognise it as an
academic subject that will stretch the intellect of students
at the same time as being highly relevant to the real
world. It is especially useful to those students who may
go on to become accountants and will need to study an
economics paper to pass their professional examinations.
However, it does not rule out a large number of other
potential careers. Some of these may be in the finance
sector, but many are simply open to students with a good
degree.
Compared to students with two or more A levels, a
student with an economics degree can expect the
qualification to significantly boost their potential earnings
- by about 40% for women and 27% overall. (Source:
Conlon et al (2002) from "Rates of Return to
Qualifications: A Summary of Recent Evidence.")
Assessment
AS
Unit 1: Competitive Markets
Unit 2: Managing the Economy
A2
Unit 3: Business Economics and Economic Efficiency
Unit 4: The Global Economy

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