ECONOMICS - COURSE OVERVIEW

The A Level course is divided into 4 UNITS. These are:

UNIT 1 UNIT 2 UNIT 3 UNIT 4

Markets and Market Failure (AS) The National Economy (AS) Business Economics and the Distribution of Income (A2) The National and International Economy (A2)

Each UNIT has a number of TOPICS, each varying in length and content. At the end of most TOPICS students have an ASSESSMENT. This examines understanding of the work covered during the TOPICS completed up until then in the UNIT.

AS ECONOMICS
UNIT 1 + UNIT 2
STUDIED FROM SEPT TO MAY (YEAR 12)

A2 ECONOMICS
UNIT 3 + UNIT 4
STUDIED FROM JUNE (YEAR 12) TO MAY (YEAR 13)

AS LEVEL ECONOMICS = UNIT 1 + UNIT 2

A LEVEL ECONOMICS = UNIT 1 + UNIT 2 + UNIT 3 + UNIT 4

ECONOMICS EXTERNAL EXAMINATIONS

Students taking AS Level Economics are assessed in two exams, Unit 1 and Unit 2. These are taken in June of Year 12. Resits can be taken in January or June of Year 13. Students continuing to A Level Economics are assessed in two further exams. The Unit 3 examination is taken in January of Year 13, with the Unit 4 examination taken in June of Year 13. A resit of Unit 3 can be taken in June of Year 13.

ECONOMICS A LEVEL - 2010 and 2011 RESULTS

Grade Number of students (17) Percentage

A*
2

A
2

B
9

C
3

D
1

E
0

U
0

11.7

11.7

52.9

17.6

5.9

0.0

0.0

Cumulative %

11.7

23.5

76.5

94.1

100.0

ECONOMICS CATCH UP CLUB

The Business Education Department offers 3 Catch Up opportunities for students. These take place each Tuesday at the following times: 7.50am to 8.30am 1.20pm to 1.55pm 3.20pm to 4.00pm

Students may attend any session at any time. Students can use the sessions to: Complete Economics homework Catch up on Economics work missed or Ask questions on material they do not fully understand.

ECONOMICS - OPTION BOOKLET

A WORTHWHILE OPTION - A VALUABLE QUALIFICATION
Please note that the information below contains specific Economic language, some of which you may not fully understand until you study the subject!!!

STANDARDS
Of the 17 students who have taken A Level Economics in the past two years 76% have gained grade B or above.

PRIOR QUALIFICATIONS
Candidates who cope well with Economics have usually achieved a GOOD STANDARD at GCSE level. Students DO NOT need to have studied GCSE Business Studies to do this subject.

CAREER AND EDUCATIONAL OPPORTUNITIES

In terms of career opportunities, knowledge of Economics is seen in many areas, such as Industry and Finance, as an essential part of career progression. Banking, Accountancy and Insurance all have an Economics element as part of their professional qualifications. If students wish to progress to University, then a qualification in A Level Economics is a valuable asset for any Degree course, especially those concerning the Social Sciences.

Study at AS Level 2 modules: 1 Markets and Market Failure 3

Study at A2 Level 2 modules: Business Economics and the Distribution of Income Government Policy, the National and International Economy

The National Economy

CHOICES AND DECISION MAKING

Economics is all about CHOICES and MAKING DECISIONS. We consider three different decision makers and ask questions relating to them. For example: 1 The Individual What do you buy and why? Have you got a job or do you get pocket money? 2 The Firm How do businesses compete? What price should be charged? 3 The Government How should the money raised from taxes be spent? Is any amount of unemployment acceptable?

RELEVANCE
The subject has maintained its popularity in the School over the past few years as students have continued to realise the importance of Economics in all our lives. Watch the news any evening and some aspect of Economics will appear.
UK UNEMPLOYMENT (Jan 2012 - 2.7m unemployed - highest figure since 1996) UK INFLATION (Figures released in Jan 2012 show prices rising by over 4%) EUROZONE (Why are the economies of Greece, Ireland and Portugal in the news?) RECESSION (How long will it be before living standards begin to rise again?) RETAIL SALES (HMV sales are falling. Subway, McDonalds and Asda are creating jobs) CHINA (The worlds second largest economy - growing at 10% - Population 1.3bn) UK GOVERNMENT (Figures from Jan 2012 show it has 1 trillion worth of debt)

How important are these things in our lives? Do they affect us at all? Do the Economic policies of the U.K. Government affect people in the Isle of Man? You will find the answers to these and many more questions during the course.

APPLIED BUSINESS
If students wish, they are free to pick APPLIED BUSINESS as a Sixth Form option as well as Economics.

ECONOMICS - TEACHING AND LEARNING EVALUATION

Students in the current Year 13 Economics group were asked a number of questions in order to assess the teaching and learning on the course. A summary of their responses is shown below.

Criteria Standard of teaching during the course Availability of resources Level of interest and enthusiasm of the member of staff Preparation for external examinations Teacher helpfulness Quality of handouts

Average Student Score out of 10 8.6 8.6 9.5 9.0 8.8 9.3

Agree Strongly Work is set at the correct level Balance of work inside to outside school is correct I am glad I took A Level Economics I am given the support to reach the higher marks I am given the opportunity to contribute to class discussions 17% 50% 17% 17%

Agree

Disagree

Disagree Strongly -

83% 100% 50% 83% 83%

ECONOMICS STUDENT CONFERENCE

Year 13 Economics students from the five secondary schools attend an annual conference at the International Business School. Find below the programme from last years event.

International Business School - Wednesday 9th March 2011

PROGRAMME

0915 - 0935

Arrival of staff and students from BHS, CRHS, QEII, SNHS and RGS

0935 - 0945

Opening and welcome from International Business School Steve Carse - Economic Adviser to the Isle of Man Government

0945 - 1100

The IOM Economy - Structure, performance and outlook. (50 mins) Q and A session (25 mins)

1100 - 1115

Break (Coffee, Tea and Orange Juice available reception area)

1115 - 1200

Roger Raatgever - Microgaming Lunch and small group tours of IBS facilities taken by current IBS students Chris Bell - Capital International Limited The Global Economy Richard Slee - Isle of Man Department of Economic Development

1200 - 1300

1300 - 1400

1400 - 1500

The Economic Challenges facing the Isle of Man today diversification and growth of new industries on the Island. (45 mins) Q and A session (15 mins)

ECONOMICS NEWS - SOME AREAS TO CONSIDER

The Housing Market / House Prices The European Union / The European Single Currency Government Taxation Government Spending and the effect of Government Cuts Inflation Unemployment The Benefit System Education / The National Health Service Wages and The National Minimum Wage Trade Unions Interest Rates Recession [Slowdown], Recovery, Boom [Overheating], Slump Output and National Income Figures [GNP or GDP] Bank of England Monetary Policy Movements in Exchange Rates [ v Dollar, Euro and Yen] The Balance of Payments / Balance of Trade Imports and Exports The Environment World Trade Organisation Globalisation