Economics

What is Economics?

Why do we have a recession? Can anything be done about it? Is there such a thing as a free lunch? Why are Premiership footballers paid so much more than doctors?  Does Alistair Darling know what he's doing? Think you could do better?  - So study Economics!!

Economics is concerned with improving people’s living standards.  How this can be achieved and why at the same time we experience problems such as high unemployment, inflation and severe levels of poverty are central issues which the course addresses.  Through studying the basic micro-economic and macro-economic principles you will gain an understanding of how such economic problems arise and the implications of different ways of tackling them.

Economics at Wycombe Abbey

Economics is offered as an A Level option in the Sixth Form. Numbers choosing it have recently ranged from 9 to 18 at AS, with the majority continuing to A2.  Teaching groups are small and students are very well-motivated.  We strive to engage girls of all abilities and to ensure that each girl has the opportunity and support necessary to reach her potential.  We therefore place importance on delivering lessons that use a variety of techniques and resources, including ICT, textbooks and journals, discussion and independent research.   Whilst the main focus is on examination requirements, the department is very keen to stimulate wider interest in the subject, including the application of economic concepts to topical news items. This is supported by inviting speakers and arranging trips to lectures and conferences.

Summary of the Course (OCR)

AS Units

Unit 1  Markets in Action  (F581)

• The central economic problem of scarcity leading to individuals, organisations and societies having to make choices
• Competitive markets and how they work through demand and supply analysis
• Government intervention in markets

Unit 2  The national and International Economy (F582)

• Government economic policy objectives and indicators of economic performance
• The use of monetary and fiscal policies to improve the macroeconomic performance of an economy.
• The nature, benefits and costs of free trade.

Assessment for AS Units: Examination only. Questions based on a particular case study or theme, mostly short-answer and one longer one to be written in extended prose.

A2 Units

Unit 3  Economics of Work and Leisure (F583)

• Trends in employment and earnings
• Labour demand, supply and wage determination
• The role of the government and unions in the labour market
• Competitive behaviour in the holiday & leisure travel, cinema and other leisure markets

Unit 4  The Global Economy (F585)

• Causes and consequences of economic growth in developed economies such as the UK, regional blocs such as the EU and the wider global economy
• The interdependence of individual economies through trade and deeper forms of integrations such as the EU.
• The particular economic problems of developing economies and policies to promote economic development.
• The economics of globalisation – the impact of multinational firms, international finance and institutions such as the WTO.

Assessment for A2 Units: Examination only. Short, data response questions plus essay-style questions of varied lengths. The global economy paper will relate to pre-released stimulus material.