Economics

What levels are on offer?

You can take Economics at Higher Level or at Standard Level.

How do I decide which to choose?

Economics focuses on how individuals and groups manage resources in order to bring about the maximum benefit to themselves, to society and to the environment.

Higher Level Economics is aimed at students who have, perhaps, enjoyed the economic aspects of previous business-related courses or who have an interest in how the world works and why some people grow rich and why others don't. It offers excellent preparation for further study at University.

Standard Level is aimed at students who, perhaps, wish to study a new course that they haven't studied before or who have a curiosity about how the world economy operates. Study of standard level economics also allows students to study the subject further at University.

What will I need?

Either GCSE business studies or economics may be useful but are not essential. A reasonable grasp of mathematics will also be beneficial. Moreover, successful Economics students take a genuine interest in their subject and look at the world with a new perspective once they understand some of the key concepts that underpin and explain the way the economy, and society, work.

What will I study?

Economics is concerned with the behaviour of humans as individuals, businesses, organisations and governments, and the choices they make. Behind these choices lies the economic problem – scarce resources and infinite wants. You will study the theories that attempt to explain economic behaviour and realise that there is usually more than one way of interpreting events.

You will consider issues that might include:

Why can't I have everything that I want?
Why are the decisions that I take so important to other people?
Why are some countries less developed than others?
Why isn't anyone looking after the environment?
Why can't we cancel Third World debt?
Why do we have to pay taxes?
Why do 24 hour grocery stores have locks on their doors?
Why are cans of Pepsi round and cartons of milk square?

How will I be assessed?

At Standard Level, students sit two external exams worth 80% of the grade.
Higher Level students sit three external exams worth 80% of the grade.
Both Higher and Standard level students complete a portfolio of economic commentaries worth 20% of the final grade.