Economics

The course

Economics is concerned with the allocation of scarce resources to meet needs and wants, and with the behaviour of consumers, producers and governments. It includes the study of how markets work, and what happens when they fail to allocate resources efficiently; the distribution of incomes and wealth; and national economic objectives and the various policies used by governments to try to achieve them. Economics complements subjects such as Mathematics, History, Geography and Business Studies.

Coverage of the subject material dominates the Autumn and Spring terms; the Summer term focuses on revision and exam technique.

How is the course assessed?

Paper 1 · How Markets Work

1 hour 45 minutes exam, 50% weighting

Students will look at economic foundations such as the nature and purpose of economic activity, the factors of production and the importance of making choices. Students will also look at how resources are allocated using a market mechanism.

Paper 2 · How the Economy Works

1 hour 45 minutes exam, 50% weighting

Students are introduced to the wider economy from the perspecive of the main economic groups: consumers, producers and government. Students explore the significance of interest rates including their impact on saving, borrowing and spending.

Reading

(provided by the college)

AQA Economics GCSE
By Horner and Madgett
Published by Nelson Thornes, ISBN 9781408504345 

Exam Board and Specification Codes

AQA Economics 8136