"Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"
Economics as a Sixth Form subject has existed for over 40 years at LGS where its popularity seems to show no sign of decline. Traditionally it attracts a large number of strong Mathematicians who can employ their strengths in analysing economic data. However, it is not meant to be a purely mathematical discipline and the subject area shares common ground and skills that are present in other subjects such as Geography, History and English. Those without a genuine strength in Mathematics (i.e. expected to gain no greater than a grade B at GCSE) would be advised to think carefully and seek advice before choosing the subject and to consider Business Studies that adopts a less theoretical approach involving fewer Mathematical models.
The first year covers the basic principles of the subject. On the Micro side they will be introduced to the basic tools of Supply and Demand and then apply them to various market situations such as the property market or the labour market. Pupils will face essay titles in the first term such as ‘How can the government use taxes to solve problems of pollution?’ In addition, pupils will consider why the free market fails at times and consider the wider role of the government in the economy. On the Macro side a study of the UK economy will consider key topics such as Unemployment, Inflation, Balance of Payments and Economic Growth from a government policy point of view.
In the second year the course encourages the pupils to ‘think as economists’ and develop the appropriate range of analytical, questioning and reasoning skills to achieve this objective. In addition, the qualification will enable them to further develop their grounding in both microeconomics and macroeconomics, drawing on local, national and global contexts, using ‘real world’ issues wherever possible. There will be in depth study of Industry, Finance and the Workplace that will partner a detailed look at the Global Economy.
Students are examined by demonstrating their understanding of economic principles and applying what they have learnt. Analytical and evaluative ability will be the main focus of the testing.