Using Key Economic Concepts To Solve Real-Life Problems

Exam board and specification code: Edexcel 9ECO

Why Study Economics?

Economics is truly all around us, present in almost every aspect of our lives. Studying the subject gives students a generalist understanding of the world we live in and its inner workings. Students learn everything from what determines the price of goods and services to why the average standards of living vary so widely within and between countries.

Economics has two main branches which are microeconomics and macroeconomics.

Microeconomics is a branch of economics that studies the behaviour of individuals and businesses and how decisions are made based on the allocation of limited resources. It examines how these decisions and behaviours affect the supply and demand for goods and services, which determine the prices we pay. These prices, in turn, determine the quantity of goods supplied by businesses and the quantity of goods demanded by consumers.

Macroeconomics is a branch of the economics field that studies how the aggregate economy behaves. In macroeconomics, a variety of economy-wide phenomena is thoroughly examined such as, inflation, price levels, rate of growth, national income, gross domestic product and changes in unemployment. It focuses on trends in the economy and how the economy moves as a whole.

What is Covered by the Course?

The Pearson Edexcel Level 3 Advanced GCE in Economics A is structured into four themes and consists of three externally examined papers.

Students build knowledge and understanding of core economic models and concepts in Themes 1 and 2, and then build on this and apply their knowledge to more complex concepts and models in Themes 3 and 4. 

Students will need to apply their knowledge and understanding to both familiar and unfamiliar contexts in the assessments and demonstrate an awareness of current economic events and policies.

The Four themes include:

Year 1:

Theme 1: Introduction to markets and market failure

Theme 2: The UK economy – performance and policies

Year 2:

Theme 3: Business behaviour and the labour market

Theme 4: A global perspective

How is it Examined?

Students must complete all assessment in May/June in any single year. To be awarded an A level qualification, students must complete three written examinations which will be externally assessed. These include:

Paper 1: Will assess microeconomics and questions will be drawn from Themes 1 and 3.

Paper 2:  Will assess macroeconomics and questions will be drawn from Themes 2 and 4.

Paper 3: Will assess content across all four themes. Students are required to apply their knowledge and understanding, make connections and transfer higher-order skills across all four themes.

Related University Courses and Careers?

A very wide range of careers are available to those who successfully complete an Economics course including finance, management, business, Law, government, international relations and academic roles. Economics is relevant for the following university courses: Economics, Accountancy, Management, Politics, Law and Finance.

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