These are fascinating times to be studying A level Economics. Recently, the ‘banking crisis’, and subsequent recession, made us painfully aware of the signiﬁcance of economics to our current and future prosperity. Thousands of people lost their jobs and the wealth and incomes of most households fell drastically. Governments around the world, including those in the USA, UK and China implemented dramatic policies to tackle the problems and improve our prospects. In the UK, the Bank of England slashed interest rates and the Government increased its spending and lent huge amounts of taxpayers’ money to the banks. The Bank of England and its American equivalent have even ‘printed money’ to try to help their economies to grow. More recently the ‘green shoots’ of recovery have become apparent. Improvements in the level of production and employment point to economic recovery.
Studying Economics will help you understand many of these real world events and enable you to discuss important economic issues. Should interest rates be kept at their current very low levels? Is it right to start cutting government spending to reduce government borrowing or should the Government spend even more money to help secure steady growth in economy? Which services should be cut or what should they spend more money on?
Then there’s pollution and climate change. How can we use economic policies to improve the environment? Is the Euro doomed to failure due to ‘bailouts’ for countries like Greece and Ireland? Why did the UK not adopt the Euro in 2002? Does globalisation beneﬁt the rich countries more than developing countries? Is the recovery in the housing market sustainable?
Studying Economics will involve:
- Learning about the fundamental economic theories. These will be explained by your tutor who will make use of excellent textbooks, media and ICT resources. Developing an understanding of the key economics diagrams, such as supply and demand, will be vital to your enjoyment of, and success, in the subject.
- Investigating real world economic issues such as business decision making, world poverty and inequality, global recessions, controlling inﬂation and reducing unemployment. Reading from ‘quality’ media sources will be encouraged.
- Developing a range of key skills that will enable you to achieve success at A level, university and in a future career. You will improve your ability to research information, interpret data, identify problems, assess solutions, write essays and reports, work with others and communicate verbally (e.g. in discussions and giving presentations).