Economics is a social science that analyzes the production, distribution, and consumption of goods and services. A well-respected A-level, Economics uses a theoretical grounding to help explain the basic problems faced by individuals and society. Economics is often in the news and affects the lives of everyone on a daily basis. Almost half of all the leading politicians in all three main UK political parties studied Economics at university.
Economics has two main focuses:
Microeconomics looks at the basic economic problems of scarcity, choice and unlimited wants. It involves the study of markets and their outcomes to analyse the impact they have on our lives. You will also study why markets fail to work and what the government can do about it. Key questions include: why do we make the choices we do? What can be done about pollution? Why do people smoke, even though they know it is bad for them? Should the NHS be privatised? Should the government try and stop binge drinking?
Macroeconomics looks at the UK and global economy as a whole. This includes the basics you see on the news; inflation, unemployment, government borrowing and economic growth, the exchange rate and interest rates. You will study what these mean, and how they are measured, as well as why they matter. You will also look at the role governments have in controlling the economy. Key questions include: is the government spending too much? What could be done about the recent recession? Can the UK compete with China? Does the value of the pound matter?
You will benefit from the following resources and facilities:
- experienced, dedicated teacher.
- well-equipped teaching room.
- dedicated Sixth Form ICT room.
Students typically go on to study Economics, Management, Law, Accountancy or other Economics-related courses. Economics also lends well to being studied as part of a joint honours course and many students choose to study PPE (Philosophy, Politics & Economics), for example. In a recent article in The Independent, Economics was ranked fourth-highest in graduate earnings after Medicine, Dentistry and Chemical Engineering.
Economics will teach problem solving, investigation, world awareness, planning and communication of ideas. All were identified in the top ten qualities employers look for in research from the University of Kent.