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Economics

Economics has the largest number of candidates at A-Level at Merchant Taylors' School.  In most academic years there are over 80 pupils studying the subject.  The departments examination results are consistently well above the national average and over 50% of the students will go on to study an economics based course at university.

There are two full time members of staff teaching Economics.  Mr Steven Kay took over as Head of Economics in September 2007 having taught the subject at the school for the last ten years.  He is an examiner with the OCR examination board and before joining Merchant Taylors' School worked in the financial services industry.  Mr John Farrell was Head of Economics at the school from `1989 until September 2007 when he took up his new post as Head of Sixth Form.  He is a senior examiner with two of the national exam boards.

 

A

B

C 

D 

E 

Total Candidates 

% A/B 

2003 

20 

9 

10 

1 

 

40

72.5 

2004 

14 

15 

8 

1 

1 

39 

74.4 

2005 

17 

16 

8 

2 

1 

44 

75 

2006 

14 

7 

3 

 

 

25 

84 

2007 

9 

19 

5 

6 

1 

40 

70 

Total 

74 

66 

34 

11 

3 

188 

74.5 

The Department follows the OCR syllabus and studies the following four modules.
Candidates take two units for Advanced Subsidiary in the Lower Sixth, followed by two further units at A2 in the Upper Sixth.
             
Unit   Level          Name                             Duration      AS   Advanced           
                                                                                          GCE
F581    AS     Markets in Action             1½ hour    50%         25%
F582    AS     The National and              1½ hour    50%         25%
                     International Economy
F584    A2      Transport Economics        2 hours                     25%
F585    A2      The Global Economy        2 hours                    25%

F581 -  All students will sit this exam in the January of the Lower Sixth.
F582 -  All Students will sit this exam in the June of the Lower Sixth.
F585  -  All students will sit this exam in January of the Upper Sixth and they can also re-sit F581 and F582 if necessary.
F584  -  All students will sit the exam in June of the Upper Sixth and if  necessary can sit any of the other units again.
There is no coursework in OCR Economics A-Level and mathematics is limited to being able to work out percentages on a calculator.

 

OCR SPECIFICATION
AS Unit 1    Markets in Action
This unit provides an introduction as to why Economic choices have to be made by individuals, firms and governments.  It shows how competitive markets work, factors determining both demand and supply and applied to such markets as property, gold, oil and labour.  Also the costs that firms incur and the market structures in which they operate such as monopoly, oligopoly and monopolistically competitive.  We further go on to see how markets can be efficient and how they can fail.  Failing to deliver sufficient health and education provision and over consuming economic bads such as alcohol and tobacco.  Moreover the non production of defence and the unequal distribution of income that a free market delivers.  We assess the most important issue facing us at the moment which is pollution and global warming.  We further consider how governments intervene in markets to overcome market failure through taxes, subsidies and regulation.

AS Unit 2    The National and International Economy
The emphasis of this unit is on government economic policy objectives and indicators of national economic performance with particular emphasis on inflation, unemployment, economic growth, the balance of payments and the stability of the exchange rate.  We will look not only at the UK but also at the USA, the EU and China.

A2   The Global Economy
This unit will focus on the recent economic performance of the UK.  We will assess what determines living standards, economic growth and productivity. We will examine the role of government expenditure, taxes, interest rates, the money supply and the exchange rate in affecting the performance of the UK economy.  We will also be looking at how individual economies are interdependent through trade and the increasing globalisation that characterises current economic activity.

A2   Transport Economics
This unit focuses on the economic principles, and context underlying a range of transport problems and issues.  We examine the rail, bus, airline and logistics industries.  The prices they set consumers, how firms compete and how competitive these markets are.  We also look at methods of persuading the motorist to get out of the car to reduce road traffic congestion.

Enrichment
There are many enrichment opportunities linked to this subject, including external lectures and competitions, such as the Target 2.0 Bank of England Challenge.  The department also offers boys in the Upper Sixth the chance to study for a qualification in international finance through the Securities and Investment Institute.  This is a qualification required by many entrants into London's financial services industry.  A list of all the opportunities on offer is shown below:

2004 INSPECTION REPORT SUMMARY
"The quality of the teaching is good and very effective in preparing pupils for success at A-Level.  It has a well organised and suitably demanding approach.  Lessons and written work are carefully planned and consistently high expectations of what can be achieved are clearly communicated to the students, who rise to the challenge.  Pupils’ very positive attitude translates into a significant number who take it forward for study in higher education.  Pupils are highly motivated and responsive to their teachers.”

 

 

 

 

 

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