ECONOMICS
STUDY SUPPORT
The 2009 Good Schools Guide Award for A-Level Economics results by a Grammar school
Economics is studied at both AS and A2 level at Wilson’s.
WHY STUDY ECONOMICS?
Skills you could acquire
Studying Economics gives you not only a good starting point for your career but also a whole new different perspective on everyday life. Once you learn how to think like an economist you will apply it to everything you do, from reading the newspaper to watching the television. Economics education gives you broad intellectual training, providing you with the foundations of knowledge on the workings of the economy and helping you to develop the relevant skills for the constructive use of that knowledge. “Economics is a good subject for developing personal transferable skills. It is intellectually robust and of contemporary relevance. It can prepare students for very high-powered jobs that can be rewarding financially and intellectually. Many of my peers have excellent, demanding and rewarding jobs. I was stimulated particularly by the study of industrial economics, game theory, collusion and government versus market forces.” Studying Economics will help you develop a range of skills, including:
- Analytical and problem solving skills
- Numerical and computing skills
- Communication skills
- Team working skills
- Political Awareness
Economists are employed in a range of posts which may, or may not, be related to the discipline they studied. They work in manufacturing, transport, communications, banking, insurance, investment and retailing industries, as well as in government agencies, consulting and charitable organisations. In all these settings, employers value economists’ understanding of decision-making, their research and analytical skills, and their experience of viewing problems in their national and international context.
THE STRUCTURE OF THE COURSE
Summary of the specification content - for more details: http://www.edexcel.com/quals/gce/gce08/economics/Pages/default.aspx and see the study support section (link at top of page).
AS
Unit 1: Competitive Markets provides an introduction to the nature of economics and examines how the price mechanism allocates resources in markets. It analyses the nature of market failure, its causes and possible policy remedies. At the end of this unit, you should be able to apply supply and demand analysis to real world situations; to understand why markets might not allocate resources efficiently and the methods of dealing with market failure, together with an evaluation of their effectiveness.
Unit 2: Managing the Economy provides an introduction to the key measures of economic performance and the main objectives and instruments of economic policy. You should be able to use a basic Aggregate Demand/Aggregate Supply model to understand why demand and/or supply side policies may be seen as appropriate ways of managing an economy; predict the possible impact of such policies and to recognise the assumptions involved; argue for different approaches and identify criteria for success.
A2
Unit 3: Business Economics and Economic Efficiency develops the content of Unit 1 and examines how the pricing of and nature of competition between firms is affected by the number and size of market participants. At the end of this unit, you should be able to analyse the pricing and output decisions of firms in different contexts. You should also be capable of making an appraisal of government intervention aimed at promoting competitive markets. Where appropriate, you should be able to relate the theoretical framework to real world examples.
Unit 4: The Global Economy develops the knowledge and skills gained in Unit 2 so that they can be applied in a global context. The application, analysis and evaluation of economic models is required as well as an ability to assess policies which might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 10 years is required.
Throughout the course you are expected to interpret data presented in different forms, for example tables, graphs and index numbers; carry out simple calculations, for example involving percentages and percentage change and distinguish between real and nominal data. You will also be required to interpret diagrams and construct simple graphs.
EXTRA-CURRICULAR ACTIVITIES
Target 2.0 Competition
‘Target Two Point Zero invites teams of 16-18 year old students to take on the role of the Bank of England's Monetary Policy Committee. Each team assess the state of the economy and the outlook for inflation, and then set the interest rate to meet the Government's inflation target. It will present its analysis and its decision to a panel of Bank of England judges.’
After a selection process in the summer of the Lower Sixth a group of Upper 6th Economists present their advice on the setting of interest rates.
Having won the area heat for eight consecutive years, the Wilson’s school team have twice reached the national final of the Bank of England’s Target 2.0 competition after winning the London regional final. This placed them in the last 6 schools from over 250 competing nationally. They won a £1000 prize well as enjoying the experience of being at the Bank of England over two memorable days.
For more details about Target 2.0 please visit:
http://www.bankofengland.co.uk/education/targettwopointzero/index.htm
Wilsonomics
The economics, business and arts journal by Wilson’s students for Wilson’s students
Download:
Wilsonomics 1
Wilsonomics 2
Wilsonomics 3
Wilsonomics 4
Wilsonomics 5
Young Economist of the Year Competition
The annual Institute of Economic Affairs essay writing competition has proved to be extremely successful for Wilson’s over the last few years. In 2005 Oliver Troop beat off strong competition from around the country to be awarded first prize for his essay on the arguments for controlling gambling to win £1000 for himself and £500 for the Economics department. In 2006 Shaun Myandee was runner up for his discussion of the Milton Friedman quotation ‘There’s no such thing as a free lunch’. He received his prize of £500 at the Annual Hayek Lecture. Then in 2007 James Collin, Josh Wood and Hasib Dewan were highly commended for their essays on the topic ‘Using an example of your choice, what light can the ideas and analysis of an economist throw on a major current problem or issue of public concern?’ Finally in 2009 Jinesh Patel was a national finalist when answering the question ‘Are recessions inevitable’.
Copies of past essays can be seen below:
Consumerism and the increasing threat it poses to young people by James Collins
Microfinance Analysis by Hasib Dewan
The Demise of the High Street by Josh Wood
Are recessions inevitable? by Jinesh Patel
Should governments go for growth or for happiness? by Kes Daood
Foreign Aid Hinders Development by Alex Springer