Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms. The economic way of thinking can help us make better choices.
Key Stage 3
Economics is not an option at Key Stage 3. It would be a good subject to pursue if you were interested in issues such as why prices rise and fall, why and how the government sets a budget, or how the economy works. Some mathematical ability and an interest in the world would also be useful. An interest in how companies are formed and businesses work would also be to your advantage.
Key Stage 4
How the course is assessed?
- Paper 1: How markets work 50%
- Paper 2: How the economy works 50%
Exam board: AQA 8136
Your studies will explore the complex world of market forces, productivity, demand and supply. We will look at the local, national and global context as well as the key role government plays in shaping the future through policies. You will also study an international dimension, linking to trade patterns, competitiveness, exchange rates and the balance of payments.
The study of economics will help you to gain an insight into the ‘real world.’ It will build a knowledge and understanding of a whole range of the theories and concepts that will help you to make sense of contemporary issues and current events.
You can expect to:
This GCSE will develop a range of transferable skills that will support your study of this subject and others. You will need to think reflectively, look critically at facts and opinion, and study moral issues linked to the environment, development and poverty
Where does it lead?
An understanding of economics will help you to engage with the world around you. It will provide you with the analytical and evaluation skills useful in many careers – including financial services, business management, marketing, law and politics.