The two strands of the A level course are microeconomics and macroeconomics.
In microeconomics we look at supply and demand in individual markets. We might consider why the price of oil rises and falls, and the impact that this has on motorists and firms who transport goods. We might consider the environmental impacts of using fossil fuels and look at how a government might use taxation to reduce the use of these and what they could do to promote more sustainable alternatives.
In macroeconomics we look at economies as a whole. We might consider what the impact of changing oil prices would be on jobs, inflation, and the money that governments receive in taxation. We look at globalisation and international trade and would consider how a move to a carbon-free world might affect countries such Saudi Arabia or Nigeria that are heavily dependent on exports of oil, as well as those such as the UK and China who currently need to import oil.
Students who have studied Economics are in high demand by universities and employers. Taking Economics will help you to develop skills including:
- thinking logically and critically
- the ability to simplify complex issues and extract the relevant pieces of information
- the ability to distinguish facts from opinions
- data analysis
- written and spoken communication
- problem-solving using your initiative
- time management
- commercial and cultural awareness
- teamwork and interpersonal skills
Most students taking A level won’t have studied Economics before, but if you are curious about the world around you, can think logically, and enjoy a challenge, then Economics could be the course for you. Economics complements the study of many other A level subjects including Maths, Geography, History, Psychology, and Philosophy.
Note: if you are considering studying Economics at degree level it is essential to take A level Maths.