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.

Heads of Department:  Ms M Attrill (Girls), Mr K Madsen (Boys)

Further Details of the Economics Course at Monmouth School for Boys
Further Details of the Economics Course at Monmouth School for Girls


Course content

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:

  1. Multiple Choice Questions
  2. Structured Short Answer Questions
  3. Data Response Questions
  4. Essay Questions