Sixth Form Options Booklet

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M I Beacham Head of Economics mbeacham@mtsn.org.uk

Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. It analyses how a society should allocate its scarce resources to maximize its citizens’ welfare. For instance: Why do some nations grow faster than others? What determines the living standards in different nations? How has leaving the European Union impacted the UK economy? How should the Bank of England Monetary Policy Committee tackle inflation? Is free trade between nations always beneficial? Will the UK’s current deficit and national debt have implications for the future of the UK economy? Studying Economics improves your ability to reason logically and to analyse data. Graphs and diagrams are frequently used as an aid to reasoning, and you need to be able to perform simple mathematical operations, such as calculating a percentage change. This means that mathematical competence is a considerable advantage. Although students can do well in A Level Economics without it, an A* in A Level Mathematics is an essential requirement for many Economics degree courses. If you think you might wish to study Economics at university, we strongly recommend taking A Level Mathematics too. Economics is a good bridging subject between the arts, the social sciences and pure science. It fits particularly well with Mathematics, Physics, History, Geography and Politics. Linguists also choose it quite often, especially if they have a business career in mind. Graduate economists are in high demand by employers of all sorts. If you decide to take A Level Economics at Merchant Taylors’, you will follow the Edexcel Economics (A) Specification. This will enable you to develop a rigorous and critical understanding of economic theory and to master various analytical tools. Although there is no coursework requirement, the inclusion of economic history topics gives you the opportunity to improve your independent research skills.For instance, the course includes a comparison between the 2008 financial crisis and the Great Depression of the 1930’s. In addition, the A Level specification places a great emphasis on the banking sector and provides a thorough understanding of the role of the City of London. It is also beneficial to keep informed about current events in the World Economy by reading around the subject – e.g. reading The Economist. More detailed information will be available at the time of the subject briefing. However, if you would like to find out more, you could ask a current Sixth Former or attend talks organised by the Alfred Marshall Political Economy Society.