Economics

Economics is defined as the “the branch of knowledge concerned with the production, consumption, and transfer of wealth” but in this day and age, it has grown exponentially. Economics borrows from multiple sciences e.g. sociology or law, to explain why and how people act to improve their well-being and wealth, e.g. behavioural economics borrows from psychology and history to analyse how past experiences may shape expectations about the future. (Source)

Theme 1: Introduction to markets and market failure

This theme focuses on microeconomic concepts. Students will develop an understanding of:

• Nature of Economics
• How markets work
• Market failure
• Government intervention.

Theme 2: The UK economy – performance and policies

This theme focuses on macroeconomic concepts. Students will develop an understanding of:

• Measures of economic performance
• Aggregate demand
• Aggregate supply
• National income
• Economic growth
• Macroeconomic objectives and policy.

Theme 3: Business behaviour and the labour market

This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of:

• Business growth
• Business objectives
• Revenues, costs and profits
• Market structures
• Labour market
• Government intervention.

Theme 4: A global perspective

This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of:

• International economics
• Poverty and inequality
• Emerging and developing economies
• The financial sector
• Role of the state in the

There are 3 written examinations for the full A Level qualification:

9ECO/01 – Markets and Business behaviour (2hrs)

35% of the full A Level qualification. Assessed by multiple choice questions, a structured data response question and an extended open-response question from a choice of two.

9ECO/02 – National and Global economy (2hrs)

35% of the full A Level qualification. Assessed by multiple choice questions, a structured data response question and an extended open-response question from a choice of two.

9ECO/03 – Microeconomics and Macroeconomics (2hrs)

30% of the full A Level qualification. There are 2 sections and one data response question in each section.

All units are sat at the end of the 18 months / 2-year course of study.

Economics is an academic and vocational subject. It requires knowledge, understanding, application and analysis of both theory and current economic events. Because of its analytical aspect, it combines particularly well with Mathematics, Computing, Pure and Social Sciences. Given the increasing importance of international trade to the UK economy, it also combines well with Modern Foreign Languages. Science students have also found it useful if applying, for example, for degrees in Engineering.

There is a strong written component to this qualification that will require good English Language skills. There is also a sizeable Mathematics component to this qualification and students will need to be confident with basic arithmetic computation. Students will require a good level of English language fluency and a minimum of an A grade in GCSE Mathematics (or international equivalent) to undertake this course.

Students will develop transferable skills that support study in a wide range of subjects at university and the transition to employment, including quantitative and analytical analysis, forming and testing hypotheses, and commercial awareness. The development and application of quantitative skills prepare students for the study of economics and related courses at university.

Students can progress from this qualification to:

• higher education courses such as economics degrees with a focus on theory, or degrees in applied economics such as environmental economics, labour economics, public sector economics or monetary economics.

Alternatively, students may choose to study a business economics, mathematical economics or business degree

• a wide range of careers ranging from finance, banking, insurance, accountancy, management and consultancy, to becoming professional economists.

EDEXCEL Specification for A-Level Economics 

EDEXCEL / 9ECO

Head of Department – Mrs Oana Vulpe