020 8527 3750

Economics

“Economy is the method by which we prepare today to afford the improvements of tomorrow” - Calvin Coolidge

One of the great things about studying Economics at Walthamstow Academy is that students learn about real life and current Economic issues, such as the ‘credit crunch,’ property bubble and Eurozone crises. They are expected to understand and keep up to date with the changing economic situation, by reading newspaper articles and using relevant websites such as government statistical web pages. Studying Economics should be about being interested and informed about the economy and everything we study is placed in the wider, real life context. There are regular classroom discussions, which encourage students to verbalise their knowledge and opinions. In addition, classes have an exam focus so that students continually, and from very early on, get exam question practice. Students also study the exam assessment criteria in an effort to improve their answer technique.

Students will be expected to:

  • Develop an understanding of economic concepts and theories through critical consideration of current economic issues, problems and instructions that affect everyday life
  • Analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of government within it
  • Develop a critical approach to economic models and methods of enquiry.
  • Become more independent learners, taking the initiative to read up on current issues and read preparatory material before class.

AS/A Level in Economics Contents

At AS Level Economics you will need to study ‘Unit 1: The Operation of Markets and Market Failure’ and ‘Unit 2: The National Economy in a Global Context’. At A2 Level Economics you will study two additional units: ‘Unit 3: Individuals, Firms Markets and Market Failure’ and ‘Unit 4: The National and International Economy’.

AS Level Units

Unit 1: The Operation of Markets and Market Failure

Nature and purpose of economic activities, Economic Resources, Economic Objectives of Individuals, Firms and Governments, Scarcity, Choice and Allocation of Resources, Determinants of the Demand for Goods and Services, Price and Income Elasticities of Demand and Supply, Specialisation, Division of Labour, Production, Economies of Scale, Meaning of Market Failure, Public Goods, Positive and Negative Externalities, Monopolies and the Allocation of Resources and Rationale and Methods of Government Interventions.

Unit 2: The National Economy in Global Context

Macroeconomic Indicators, The Economic Cycle, Circular Flow of Income, Aggregate Demand and Supply, The Objectives of Government Economic Policies, Economic Growth, Inflation and Deflation, Employment and Unemployment and Fiscal, Monetary and Supply-side Policies.

Assessment

Two I hour 30 minute examinations. Each exam 50% of AS Level

    

A2 Level Units

Unit 3: Individuals, Firms Markets and Market Failure

Firms: Objectives, Costs and Revenues, Divorce of Ownership and Control, Law of Diminishing Returns, Fixed and Variable Costs, Technological Change, Models of Perfect Competition, The Dynamics of Competition and Competitive Market Process, Monopoly and Oligopoly, Interdependence of Oligopolistic Market, Market Structure, Static Efficiency, Dynamic Efficiency, Resource Allocation, Government and Market Failures and Impact of National Minimum Wage Rate.

Unit 4: The National and International Economy

Macroeconomic indicators, Economic Cycle and Economic Growth, Uses of National Income Data, Unemployment, Inflation and Deflation, Macroeconomic Models and Policies, Exchange Rate, Globalisation, Trade and European Union.

Assessment

Three 2 hour examinations. Each examination is 33.3 % of A Level.

The Economics and Business Studies Team

A level Economics comes under the Business & Enterprise Department which has a team of dedicated, experienced and enthusiastic teachers who have all worked in the business world, which is reflected by the excellent results gained by the department each year.

  • Mr Bilal Abdullah - Subject Leader Economics & Work Related Learning Co-ordinator
  • Mr Tunokan Ogbe - Head of Business and Enterprise Department & BTEC Co-ordinator
  • Ms Sarah Crawford-Singh - Head of SIxth Form
  • Ms Sarah Akoto - Second in charge of Year 10

 

©2017 Walthamstow Academy

Walthamstow Academy is part of United Learning. United Learning comprises: UCST (Registered in England No: 2780748. Charity No. 1016538) and ULT (Registered in England No. 4439859. An Exempt Charity). Companies limited by guarantee. VAT number 834 8515 12.
Registered address: United Learning, Worldwide House, Thorpe Wood, Peterborough, PE3 6SB. Tel: 01832 864 444
Freedom of Information and Financial Accountability  | Terms, Cookies and Privacy

United Learning