How does Economics affect you?

• The price you pay for goods in the shops; 
• Which new products you can buy; what makes firms invest in and make new products?
• How much income do you have – what changes the amount of "disposable income" that you have to spend or save?
• Whether or not you will have a job and a source of income;  
• The taxes on your income and the taxes on the
  goods and services which affect the price;
• Government rules and regulations on products - what you can / cannot buy at home and from overseas e.g. : alcohol / tobacco
• You now have the freedom to live, study, work and retire in 27 European countries;
• 10 countries joined the European Union in May 2004; 2 more joined in January 2007 – what difference does this make to Europe?
• The value of the £ - and the changing cost of goods and services you will buy on a foreign holiday as a result of the £ changing value;
• Should the U.K. join European Monetary Union and start using the Euro like most other EU member states?
• The changing price of petrol – what makes the price go up / down?
• Why are U.K. energy bills always going up?
• Why are some goods and services such as electrical goods and budget airline seats often available at such low prices?
• The cost of borrowing money [the rate of interest] and the impact this has on the U.K. housing market;
• What does the Bank of England do?;
• How effective are interest rates in directing the UK economy?;
• How is the "credit crunch" effecting the economy?;
• The quality of public services such as schools and education; the NHS; roads and motorways; public
  transport; 
• Does the U.K deal effectively with the threat of pollution, congestion on the roads and urban development?
• Global warming – how can Economists and Politicians reduce it through intervention in the form of taxation, regulation and legislation?
• Do large companies ever exploit their powerful market position?
• How does the Chancellor of the Exchequer manage
  the U.K. economy?

The topics listed above are covered in the
AS + A2 Economics syllabus.

Syllabus Specification: Economics

The AS / A2 Advanced Level course [OCR H061 + H461]

A combination of discussion and multi-media resources will be used to introduce the main principles of economic theory
and their application to pupils starting the OCR Economics
AS / A2 level specification in September 2008.

The AS Economics course comprises of two modules. These are:
a] Markets in Action and
b] The National and International Economy.

Markets in Action

This module will be studied during four lessons per week. Analysis will be undertaken of the reasons for individuals, organisations, and societies having to make choices about markets for consumer goods and services. In addition, the allocation of limited resources through the interaction of demand and supply will be studied and the perceived need for Government intervention through indirect taxation, legislation and regulation will be assessed. Social benefits and costs will be examined in detail as positive and negative externalities are considered in the context of the provision of public and private services such as health, education and the economy's
infrastructure.

The National and International Economy

This module will be studied during four lessons per week. Using the context of a national economy, the course will investigate several macro-economic topics. Government economic policy objectives and indicators of national economic performance will be studied in detail. These include the benefits and costs of economic growth; the influence, significance and management of the economy using monetary, fiscal and supply-side policy instruments; domestic and international influences on the overseas trade sector and the exchange rate; inflation and unemployment. The syllabus offers the chance to gain an insight into the workings of the UK Economy. Background information will be extremely helpful in the early stages of the course.

The AS Economics syllabus is divided equally between theoretical work, which is academically challenging and requires considerable application from pupils, and contemporary, applied economics which analyses the state of economic data, case studies, trends and policies. There is no coursework or project element in the OCR specification.

In the Upper Sixth, two A2 modular units will be studied during the academic year commencing in September 2009. These are
a] The Global Economy and
b] The Economics of Work and Leisure.

Pupils will be expected to develop a variety of skills, such as the ability to analyse, evaluate and interpret data. Many hours of extra reading and note taking from textbooks, newspapers, journal articles and e-information sources will be necessary to supplement the classroom work and deepen the pupil's understanding of the subject.

Recommended entry requirements

Economics is not offered at GCSE so all pupils taking the AS course are starting a brand new subject. There is a lot of material to cover and so the lessons tend to move relatively quickly. In order to attain high marks in Economics, pupils need to write with clarity and fluency and are expected to submit coherent, well-structured essays. These essay writing skills are developed throughout the course but pupils are recommended to have attained a high grade at GCSE English if they aspire to top grades at AS and A2 Economics. Whilst little in the way of numerical calculation is undertaken during the course, a strong grade in GCSE Mathematics is recommended because pupils should be confident in handling a considerable amount of economic data which has to be understood, explained and analysed.

Recommended Subject Combinations, Careers and Higher Education.

Economics combines well with a range of other AS and A2 options. Very successful combinations have been with Mathematics, English and History. A popular combination is with Geography. At University, Pure Economics can be studied as a Single Honours subject. However, it is frequently combined with Politics, Law or other Social Sciences. The A2 Economics course taught at Glenalmond acts as a high-powered introduction for all Economics, Business, Accountancy, Financial, Management and Professional Service degree courses and employment.

Economics Department - Academic Staff

Jeremy Robinson is Head of Department. Mr. Robinson shares the teaching of AS Economics with Mr. Erdal. He teaches all the A2 Economics to the Upper Sixth. Mr. Robinson also teaches a small amount of the AS Business Studies syllabus to the Lower Sixth.

Patrick Erdal shares the teaching of Lower Sixth AS Economics with Mr. Robinson.

News and Events

Up to date material is now available on the Economics and Business Studies Department Virtual Learning Environment. This gives access to e-information and is updated on a daily basis. Pupils can access web-sites and subject specific material from anywhere in the world after logging on to:

www.glenalmondvle.org.uk

and entering the Economics or Business Studies VLE. Click on the Economics Resources or Business Studies Resources for access to support material, e-information and web-sites from the Bank of England and Tutor2u.

I hope that all of the information provided above is valuable. Further details about courses / pupil intake and examination results can be obtained by contacting JeremyRobinson@GlenalmondCollege.co.uk