Economics

Vision

“Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the 'what,' but it certainly is not the 'why'”

Ben Bernanke, American Economist

At Ruislip High School, Economics invests in developing the skills required to understand why the world works the way it does. Stories which dominate the news are typically economic-based, such as the 1990 ERM crash and dot-com boom; the financial crisis of the 2000s; and the sharpest global recession in history due to the COVID-19 pandemic. Whilst the context and storyline may differ, the fundamentals often remain the same. Through the study of Economics, students are supported to understand the problems the world faces, so that one day they will have the tools to solve them.

Content

At Ruislip High School we complete the Edexcel Economics A qualification. Students will be taught the following themes, all of which are examined at the end of the second year of the course:

Theme 1: Introduction to Markets and Market Failure

Theme 2: The UK Economy – Performance and Policies

Theme 3: Business Behaviour and the Labour Market

Theme 4: A Global Perspective

Assessment 

Examination Structure

Paper 1

Markets and Business Behaviour

35% of the total qualification

Paper 2

The National and Global Economy

35% of the total qualification

Overview of Papers 1 and 2 - 


Each paper lasts two hours and contains three sections.

● Section A comprises a range of multiple-choice and short-answer questions.

● Section B comprises one data response question.

● Section C comprises a choice of extended open-response questions; students select one from a choice of two.

Paper 3

Microeconomics and macroeconomics

30% of the total qualification

Overview of Paper 3


The paper will cover content from all four units of the course and comprises two sections.

● Each section comprises one data response question including a choice of extended open-response questions; students select one from a choice of two.

 

Careers with economics

  • Economists are employed by a wide range of different employers – you could work in the financial sector, for a tech company, an economic consultancy, the government or an NGO.
  • Most economics graduates don’t work as economists. Instead, they use their skills in a diverse range of careers: Analysis (financial, market, data), Public policy, Consulting, Accountancy, Research, Charity/ development, Market regulation.

Why study Economics?

Studying Economics gives you a versatile set of skills that you can take into a wide range of different careers.

  • Analytical skills – you will be good at distilling and analysing complex problems
  • Market insights – from designing and regulating tech industries to understanding consumers, you will have an excellent understanding of markets and incentives
  • Working with data – you will likely be comfortable with handling data and using it to generate solutions