Economics

Economics helps students understand how markets work, how resources are allocated, and how economic decisions affect individuals, businesses, and governments.

The course develops analytical thinking, problem-solving, and data interpretation skills by exploring real-world economic issues such as inflation, unemployment, global trade, and government policy.

Students learn to apply economic theories to practical scenarios, evaluate choices, and communicate reasoned arguments skills that are highly valued in business, finance, and public policy.

Theme 1: Microeconomics and Business Economics

• The nature of economics and economic problem
• Demand and supply; price determination
• Elasticity of demand and supply
• Market structures: perfect competition, monopoly, oligopoly
• Business objectives and growth
• Costs, revenues, and profit maximisation
• Labour markets and wage determination

Theme 2: Macroeconomics and the Global Economy

• National income and economic growth
• Inflation, unemployment, and economic indicators
• Fiscal policy: taxation and government spending
• Monetary policy and interest rates
• Exchange rates and balance of payments
• Globalisation, trade, and development economics
• Role of international organisations (e.g., WTO, IMF)

Skills Developed

• Analytical and evaluative writing
• Quantitative skills: interpreting graphs, tables, and economic data
• Decision-making based on evidence
• Understanding of global economic issues and policy impacts

• Paper 1: Microeconomics and Business Economics — 1 hour 30 minutes, 50%
• Paper 2: Macroeconomics and the Global Economy — 1 hour 30 minutes, 50%

Both papers include multiple-choice, short-answer, data-response, and extended writing questions based on real or realistic economic contexts.

• Ideal for students interested in business, finance, politics, or global issues
• Builds strong analytical and problem-solving skills
• Provides insight into how economies function and how decisions affect society

• A-level Economics or Business Studies
• University courses in Economics, Business, Finance, International Relations, or Politics
• Careers in banking, consultancy, government policy, data analysis, and research