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Economics
Economics is the study of constrained optimisation of resources.

Economists study how governments, businesses and households can make the best decisions with the limited information and capital at their disposal.

The social science of economics has gained increasing prominence since the credit crunch of 2008 with resources, such as money and housing, in critical shortage and seemingly
inadequate for a population with unlimited needs and wants. These pressures are evident in and around Loxford as the government seeks to cut spending on health and education in an area of population growth and increasing youth unemployment. Our department
wants to make students aware of how these economic events may influence their lives.

A Level Economics has never been more popular as a course choice and the increasing presence of economics in the national media and consciousness makes this an ideal
time to study the subject. At Loxford we seek to make the study of economics as fascinating, accessible and challenging as possible. We hope that you, or your child, will consider studying the subject with us.


Curriculum

Year 12 Content
This year provides students with an introduction to the nature of economics and the role of the price mechanism in allocating resources. It analyses the nature of market failure, its causes and possible remedies. Students also learn about the key measures of economic performance and policies used by the government and the Bank of England to ensure a prospering UK economy.


Year 13 Content
The second year of this course requires students to apply the macro and micro-economic principles studied at AS. Students examine the role of pricing and the nature of competition between firms. Students look at the role of government intervention aimed at promoting competitive markets. Students also study how the UK economy can effectively compete in an international market. In addition, learners will look at the recent trends and issues in developmental economics such as cancelling 3rd world debt and making poverty history campaigns.


Teaching
Loxford economics students benefit from the eclectic backgrounds and experiences of the teaching staff and their classmates. In topic areas such as international competitiveness or promoting economic growth classes are enriched by the first-hand accounts of many of the events we study. Firsthand accounts of the market liberalisation of Romania or the effects of ineffective electricity generation in Pakistan provide far more engaging evidence than text books alone.

Economics is a dynamic subject and teaching at Loxford involves a variety of approaches including group discussions, role-play debates, learner-directed research and teacher led instruction. We seek to develop students that can make supported judgements on socio-economic events that influence their lives.

In addition to class room activities we organise a variety of extra-curricular activities including:
  • University subject specific open days
  • Guest lessons from economic leaders (Malcolm Sweeting, CEO Clifford Chance, 2013)
  • An annual trip to the Bank of England

Why choose economics at Loxford?

UCAS
The Russell Group of leading universities in the UK state that economics is a challenging subject that ‘provides suitable preparation for entry to university.’ The subject is not included in any leading University’s non-preferred list. The A Level qualification will prepare students for University studies by developing their ability to make value judgements based on evidence; assess causes and consequences of present and historical events and to research independently for greater understanding.

Destinations of recent Loxford economics students include Imperial (Mathematics), Nottingham (Economics) and Cambridge (Economics).

Note that some universities (including LSE and Warwick) recommend that students should avoid taking subjects with significantly overlapping curricula such as economics and business studies. Many admissions tutors place emphasis on applicants breadth of skills and knowledge gained from a range of A Level choices. Students with specific university aspirations should research and contact their preferred course provider for detailed entry requirements.


Careers
Research from the Good University Guide suggests that Economics graduates can expect to earn higher salaries than all but those in specialist scientific disciplines.

Economics alumni include many of the world’s leading policy makers and business leaders including our present Prime Minister David Cameron (Economics A Level and PPE Oxford).

Economists can expect to succeed in any career that requires objective decision making based on a variety on qualitative or quantitative data. Students of economics are in especially high demand in the professional and financial services industries. With London, a great centre of world finance, so close to Loxford students are made aware of these possible career paths as part of their learning.


Student support
Loxford students will learn the subject from a team of experienced teachers with a variety of private sector and entrepreneurial experience. We have dedicated classrooms within the broader business department and a large variety of regularly updated teaching resources collected over the previous decade.

All Students are provided with a text book, revision guides and access to our archived revision resources. Additionally the school library carries a variety of revision guides and
students are also encouraged to borrow from the extensive personal collections of the teaching staff.

The department is committed to giving additional support to students that might initially struggle with the demanding nature of the course.
These learners are given model answers and structures in addition to one to one guidance to improve their understanding and attainment.

Loxford Economics department also has a proud history of, and present focus on, challenging our Gifted and Talented pupils to achieve the highest possible grades. G&T students have access to our previous A and A* students work and are encouraged to debate and peer assess the validity of these and other modern economic texts.


Entry requirements
Students are expected to achieve a minimum of Grade ‘B’ in GCSE Maths and English.