ECONOMICS A (PEARSON)

AS Course Outline

What is Economics?

Traditionally Economics has been the study of how in a world of scarcity, humans make decisions about how to meet their wants and improve living standards. Now there is increased focus on how this can be achieved without exploiting others and the environment. And whether this is possible!

Who should study this course?

This course will appeal to those students who are interested in the UK's economy and the various shocks that have affected it in recent times - the 2007 financial crisis, Brexit 2016, the 2020 Coronavirus and the rise of the emerging economies. It will particularly suit those who want to pursue a career in finance and management but will in fact suit anyone who enjoys listening to economic debates and wants to understand some of the momentous events taking place.

What does the course aim to do?

How should the economy - the market and the Government - respond to shocks like the Financial Crisis, Brexit and Covid-19. We will all have our view on this. We all have our opinions on what is right or wrong, fair or unfair, moral or immoral. But as a social science, Economics tries to reach solutions to these and other issues affecting our lives based on logic and objectivity rather than mere opinion. Students will develop a keen interest in the important issues and the various arguments surrounding them and then come to reasoned conclusions based on careful analysis.

What Skills Will Students Develop When Studying Economics?

• Economics enables students to maturely understand how the UK economy functions and will be an asset when working in a business environment.
• Students will be able to use the knowledge for their own benefit and will have a healthy grasp of issues that affect their everyday lives.
• After completing the subject, students will be able to confidently debate economic issues and learn the skills of persuasive argument and counter-argument.

ECONOMICS A (PEARSON) Summary of Content at AS

The specification includes the following topics: The basic economic problem - How do we improve our living standards? Supply and demand in housing, labour, commodity and product markets Resource allocation and market failure - pollution, inequality Government failure - Is the government always right? Economic performance - How well is the UK doing? Macroeconomic objectives - growth, unemployment, inflation, productivity Macroeconomic policies - How do we manage the economy? Conflicts between objectives and policies - Can we achieve our goals? Structure of the Course This course will be taught for 5x 50 minute lessons per week. Homework will be set weekly and deadlines must be adhered to. Reading of textbooks, journals and economic coverage in broadsheet newspapers is essential. Tests are set frequently. What are the challenging aspects of the course? Awareness of the scientific method and applying it in the social science context Questioning some of the assumptions behind the theories Quantitative methods

Introductory Reading
The Undercover Economist Tim Harford
Age of Discovery Ian Goldin & Chris Kutarna

Core Textbook
Pearson Edexcel A Level Economics A 5th Edition Peter Smith

Further Reading
The Almighty Dollar Dharshini David
Talking to My Daughter About the Economy Yanis Varoufakis