Economics A Level is focused on the way markets work. For example how the supply and demand for oil, dental implants and airline flights respond to changes in price, income levels, taste and fashion. Students learn how markets can sometimes fail and require government aid to fix problems, such as excess consumption of petrol and alcohol, or under consumption of fruit and education. The course also now covers the new regulations of the UK financial system following the recent financial crisis.
We also look at why the Bank of England uses the interest rate and quantitative easing to boost or weaken economic growth; why governments prefer low inflation; how net immigration affects productive potential and the impact that high levels of unemployment have on society.
The course also considers how all these factors might be the same or different for a developing economy, and analyses how far global trade really reduces poverty and improves wellbeing. The transport sector provides interesting examples for the Cost Benefit Analysis of large scale projects such as HS2, new road building and airport expansion. Discussions are topical so students become up-to-date with business and economic news.
Students go on to study degrees in Economics, Politics and Management, often specialising in Finance, Accounting or the Environment in pursuit of careers in finance, business or civil service with the government or international bodies such as the United Nations.