We live in a world where resources are scarce. Money is scarce, luxury items are scarce and, in some countries, basic needs such as food are scarce. Economics looks to solve the problem of how scarce resources are allocated. Economics is the social science that studies how individuals, businesses, countries, and even societies decide how to allocate scarce resources. Scarce resources are those things that are not easily reproducible or in limited supply, like labour, natural resources, land, and raw materials.

Future Opportunities

Economics graduates are in high demand and potential jobs for a well-qualifed economist are: Economist, Financial risk analyst, Data analyst, Financial planner, Accountant, Economic researcher, Financial consultant, Investment analyst, Actuary, Public sector roles.

Content

The specification is split into two main sections. The first section introduces students to microeconomic issues and the second section covers mainly macroeconomic issues. However, students should appreciate that microeconomics and macroeconomics are not entirely distinct areas of study. For example, microeconomic principles often provide fundamental insight into understanding aspects of the macroeconomy. Similarly, economic issues and problems often contain both a microeconomic and macroeconomic dimension.

Students will be expected to acquire competence in quantitative skills that are relevant to the subject content and be familiar with the various types of statistical and other data which are commonly used by economists. They should be able to make relevant calculations from economic data and be able to interpret data presented in the form of index numbers. Examples of other relevant quantitative skills include: the construction and use of graphs and the application of statistical measures such as the mean, median and relevant quantiles.

Entry Requirements

A minimum of grade 4 in English Language and 5 in Maths.

How will I be assessed?

Students will be assessed through three examination papers. The first paper will examine mainly the topics that are outlined in Section 4.1 of the specification, but economic principles included in Section 4.2 of the specification may also enrich a student's response to some questions. Similarly, the second paper will examine mainly the topics that are outlined in Section 4.2 of the specification but may draw on economic principles from Section 4.1.

The third paper will include topics from both sections of the specification and students, particularly when answering questions linked to the case study, will be expected to recognise when it is appropriate to use microeconomic and/or macroeconomic models. Students will be expected to acquire competence in quantitative skills that are relevant to the subject content and be familiar with the various types of statistical and other data which are commonly used by economists. They should be able to make relevant calculations from economic data and be able to interpret data presented in the form of index numbers.