Economics

Head of Department: Mrs M O’Fril

Why study Economics?

Anyone who is interested in knowing more about human behaviour will find economics fascinating.Economists study how individuals and groups of people make choices about what to do with their limited resources. Economics is, therefore, not just about money, business and the stock market. Though these are important aspects of the subject, economics also deals with wider social and environmental issues including climate change, globalisation, sustainable development and the distribution of income and wealth.Students of economics develop a host of practical and transferable skills that benefit them in education and in the world of work. These include critical investigation, analytical thinking, oral and written communication, numeracy, research, ICT and handling of data. What’s more, the potential earnings for students with a degree in Economics is among the highest for all graduates, and there are currently shortages of qualified economists.  

GCE Economics AS & A2

The revised GCE Economics specification (from September 2008) helps students gain an insight into some of the major issues facing society today. It encourages students to:

• develop an interest and enthusiasm for the study of economics;
• appreciate the subject’s contribution to the understanding of the wider economic and social environment;
• develop an understanding of a range of concepts and an ability to use these concepts in a variety of different contexts;
• use an enquiring, critical and thoughtful approach to the study of economics and an ability to think as an economist; and
• develop skills, qualities and attitudes that will equip them for the challenges, opportunities and responsibilities of adult and working life.

 AS/A2 Content

The revised GCE Economics specification is available at two levels: AS and A Level. Students can take the AS course as a final qualification or as the first half of the A Level qualification. Students who wish to obtain a full A level qualification must also complete the second half of the course, which is referred to as A2.The course comprises four units: two at AS level and two at A2 level. These are outlined in the table below:

Assessment 

AS 1 – External exam (data response and structured essay) 1hr 30mins, 50% of AS,        25% of A level

AS 2 - External exam (data response and structured essay) 1hr 30mins, 50% of AS, 25% of A level

A2 1 – External exam (unseen case study and essay), 2hrs, 25% of A Level

A2 2 - External exam (unseen case study and essay), 2hrs, 25% of A Level

There is no coursework.

www.tutor2u.net

www.bizedf.co.uk

www.ccea.org.uk

www.bbc.co.uk

www.statistics.gov.uk

www.hm-treasury.gov.uk

www.bankofengland.co.uk

www.oecd.org

www.ifs.org.uk

Anderton, Alain  Economics 5^th Edition, Causeway Press

Sloman, J Essentials of Economics 4^th Edition, FT Prentice Hall

Economics opens up a wide range of opportunities for further and higher education and interesting and rewarding careers. It also combines well with other social sciences and the humanities, with foreign languages, with mathematics and sciences and with vocational subjects such as engineering, manufacturing and business.  It is also very useful for those thinking of careers such as accountancy, business management, banking, finance, government services and professions such as teaching and law.

Study of what influences income, wealth and wellbeing and how this can be implemented into policy

 Extra-Curricular

The Economics Department participates in various competitions throughout the year:·        Rensburg Sheppards School Fantasy Share Race in conjunction with the Belfast Telegraph. This a province-wide competition in which teams compete for the best return on a fictional portfolio of investments. It gives students a greater understanding of investment, quoted companies and the stock market, as well as hands-on experience of managing a portfolio. 

The Bank of England and The Times Interest Challenge. Pupils are invited to take on the role of the Bank of England’s Monetary Policy Committee. A team, consisting of 4 pupils, must assess the state of the economy and the outlook for inflation, and then set the interest rate to meet the Government’s inflation target. It then presents its analysis and its decision to a panel of Bank of England judges. This competition brings students into direct contact with working economists and allows then to apply economic concepts and principals to the analysis of developments in the real economy.