Economics is a way of thinking about the world. It allows us to make informed decisions about the future by taking into account various factors affecting it.
The roots of the word ‘economics’ originate with the Greek words ‘oikos’ (household) and ‘nomos’ (rules or laws). Greek philosophers such as Aristotle and Xenophon first observed the economic behaviour of estates, which was the economic unit of analysis much like businesses in today’s economies. From the interaction of these units emerged systematic patterns of behaviour that appeared to be laws or norms of behaviour.
Economics is a way of thinking about the world. It allows us to make informed decisions about the future by taking into account various factors affecting it. Economics is a social science that attempts to explain such phenomena through the use of logical, historical and philosophical analysis. This includes how the world’s major economies are trying to encourage free trade and alleviate poverty in less developed areas of the world such as Sub-Saharan Africa.
The introduction of new two year linear A-Levels from September 2015 provides an opportunity to study Economics in greater depth. The changes to the exam structure, with the assessment at the end of the Upper Sixth comprising the whole A-Level award, will enable students to fully grasp theory and real world learning. This emphasis on using theory to tackle real world issues is further explored in academic enrichment, such as the Bank of England’s Target 2.0 Programme.
Studying Economics allows a student to learn a variety of skills and knowledge that they can apply to further study, future careers and their personal life. Learning about interest rates, exchange rates, equity markets and economic indicators can help you make better decisions in business and personal finance.
This is a subject that complements a range of other A-Level subjects such as Business, English, History, Religious Studies and Psychology. It may even be studied alongside science subjects.
Economics will provide an individual with numerical, analytical and evaluative skills. These will help you to think in a complex and precise way, analysing problems and communicating your findings effectively. Such skills are valued in a wide range of careers. These include the financial services, investment banking, management consultancy and many more. Economics graduates are in short supply and very much in demand!