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- Exam Information
Economics is one of the most popular A level subjects at Monmouth School for Boys and the most attractive of the subjects not studied at GCSE. The examination results are excellent in most years the A*-B pass rate is comfortably in excess of the school average. Economics is a social science that attempts to explain how the actions and decisions of firms, consumers and workers and governments affect the operation of the economy. It plays a huge role in our daily lives; it has links to international affairs and politics and is a subject that is often debated and discussed. It requires a fair deal of analysis and includes topics such as supply and demand, growth, inflation, globalisation and exchange rates. Economics is considered to be an academic subject by employers and universities
A level Economics requires a reasonable level of numeracy, but it is not mathematical. It has a fair amount of conceptual thinking, with the main skill being the ability to analyse economic data, interpret graphs and tables, identify trends and explain these using economic theory, often through diagrams. The ability to see how one economic policy (e.g. low inflation) may affect other parts (e.g. employment) is paramount. This requires a clear mind and an ability to think and analyse logically and to write good English as you will be examined in traditional essay style examinations.
There is a joint Economics Society between Monmouth School for Boys and Monmouth School for Girls and also pupils enter competitions such as the Schroder’s Economics Competition which helps extend their learning beyond the confines of the classroom.
Why study Economics?
Economics is a very synoptic subject and there is considerable overlap between the components. Economics is concerned with the way we decide how to use scarce resources to produce goods and services. The nation cannot build all the factories, roads, schools, houses and hospitals required. Individuals have to decide how to use the resources available to them, i.e. their income and wealth. The student of Economics is concerned with how these choices are made, with the role of the Government and why particular policies in the fields of trade, exchange rates, interest rates, taxation, unemployment, investment, trade unions, inflation and the Developing World are pursued. The Economics student is encouraged to apply the economic concepts learnt to real world issues such as housing, health, education, transport, pollution and agriculture.
Economics is a challenging and stimulating subject and influences all our lives in very direct ways. Who can say that economic events do not affect them?
A good economist will develop a number of skills; ideally they should be numerate, have the ability to think and write clearly, concisely and logically. They should be able to interpret and analyse data which is presented in a variety of forms and be able to meet the logical demands of essay and short answer questions. 20% of the marks are based around numeracy and therefore a good GCSE grade in Mathematics is required.
Economics is seen by universities as an academic subject and is especially useful for those who are thinking of undertaking a Geography, Finance, Business or Economics degree. Indeed courses such as Law often include a first-year Economics component. Economics combines well with a range of subjects including Mathematics, History, Geography and modern languages.
Monmouth School for Boys and Monmouth School for Girls currently follow a different specification.
Head of Department: Mr K Madsen
Board: WJEC A level Syllabus Code: 1520QS
- Opportunity cost
- Production possibility boundaries
- Demand and supply theory
- Labour markets
- Resource allocation and market failure
- Macroeconomic theory
- Macroeconomic objectives
- Policy instruments
- International trade
- Competition and competitive behaviour
- Cost revenue and profits
- Market structures
- Evaluating economic models and policies
- Evaluation of macroeconomic objectives
- Policy instruments and their failings
- Global economics
- Trade and protectionism
- Non-UK economies
- Economic development
Method of assessment
Assessment in Economics is structured through four main types of questions:
- Multiple Choice Questions
- Structured Short Answer Questions
- Data Response Questions
- Essay Questions
Beyond Monmouth School for Boys
Many candidates go on to study either straight Economics or related subjects at university where economics makes up a key component of their course be this in Finance, Business Law or Economics joint honours courses. There are a large number of economic graduates who are currently working in the various financial sectors in the City.