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GSO Test

Est. 1921

Economics

What is this course about?

Do you fancy doing something different? Are you interested in current affairs? Do you ever wonder what all the fuss is about regarding the credit crunch, why footballers earn more than the Prime Minister and why food surpluses are not given to the poor?

Course Content

Individuals, firms, markets and market failure

  • Economic methodology and the economic problem
  • Individual economic decision making
  • Price determination in a competitive market
  • Production, costs and revenue
  • Perfect competition, imperfectly competitive markets and monopoly
  • The labour market
  • The distribution of income and wealth: poverty and inequality
  • The market mechanism, market failure and government intervention in markets
  • The national and international economy
  • The measurement of macroeconomic performance

How the macro-economy works:

  • the circular flow of income, AD/AS analysis, and related concepts
  • Economic performance
  • Financial markets and monetary policy
  • Fiscal policy and supply-side policies
  • The international economy

Examination

Three 2-hour exam papers assessing all of the above content. Each paper is marked out of 80 and equally contributes 33.3% towards your A-Level

Paper 1 - Markets and market failure

  • Section A - data response
  • Section B - one essay questions from a choice of three.

Paper 2 - National and international economy

  • Section A - data response
  • Section B - one essay questions from a choice of three.

Paper 3 - Economic principles and issues

  • Section A - Multiple choice.
  • Section B - Case study

What might this course lead on to?

Economists are highly sought after – they are the second highest paid graduates. Those who have a good understanding of the economy will find rewarding occupations in banks and financial institutions, manufacturing and service companies, the media, government and international organisations such as the World Bank.

Entry Requirements:

GCSE Grade ‘5’ in English Language and Maths.