Economics: IB & A level

Aims 

Economics at Malvern introduces students to key tools of economic reasoning and encourages critical analysis of real-world economic issues. The course develops an understanding of contemporary problems, applying theory in varied contexts. Both Standard and Higher Level follow the same syllabus structure, with Higher Level students studying additional topics and more advanced quantitative techniques. Higher Level is particularly suited for those intending to pursue Economics or related Social Sciences at university. 

Course Content

Economics is a social science focused on human behaviour and decision-making. It examines production, employment, prices, and broader societal trends. Pupils explore: 

• Microeconomics: individuals, firms, and markets 

• Macroeconomics: national and global economies 

• International economics: trade, exchange rates, and integration 

• Development economics: growth, aid, inequality, and structural change 

Quantitative techniques are used throughout, particularly at Higher Level.  The subject complements almost any other subject area and its distinctive role lies in describing, analysing, and explaining the evolution of production, employment, prices, and related economic phenomena. 

Modules

Introduction to Economics 

• What is economics? 

Microeconomics 

• Demand and supply and competitive markets
• Elasticity 

• Government intervention 

• Market failure 

• Behavioural economics 

• Theory of the firm and market structures 

Macroeconomics 

• The level of overall economic activity 

• Aggregate demand and aggregate supply 

• Macroeconomic objectives 

• Fiscal policy 

• Monetary policy 

• Supply-side policies 

International Economics 

• International trade 

• Exchange rates 

• The balance of payments 

• Economic integration 

• Terms of trade 

Development Economics 

• Introduction: the nature of economic development 

• Measuring development 

• The role of domestic factors 

• The role of international trade 

• The role of foreign direct investment 

• The role of aid 

• The role of international debt 

• The balance between markets and intervention 

Assessment Details 

Higher Level (80% external / 20% internal): 

• Paper 1 (20%) – 1 hour 15 minutes – Extended response. One essay from a choice of three, covering three syllabus areas. 

• Paper 2 (30%) – 1 hour 45 minutes – Data response based on texts and charts. One question from a choice of two. 

• Paper 3 (30%) – 1 hour 45 minutes – Policy response. Two compulsory questions requiring both qualitative and quantitative analysis (HL only). 

• Internal Assessment (20%) – Three commentaries based on extracts from published news media. 

Standard Level (70% external / 30% internal): 

• Paper 1 (30%) – 1 hour 15 minutes – Extended response. One essay from a choice of three. 

• Paper 2 (40%) – 1 hour 45 minutes – Data response. One question from a choice of two, requiring both short and extended responses.

• Internal Assessment (30%) – Three commentaries based on extracts from published news media.

Complementary Subjects

Economics combines naturally with other IB subjects such as:

• Humanities and Social Sciences: History, Global Politics, Psychology, Social and Cultural Anthropology

• Mathematics: particularly useful at HL due to the emphasis on quantitative techniques

• Sciences: Geography and Environmental Systems & Societies, especially for students interested in sustainability and development

Further Information

Malvern has a long-standing tradition in Economics education, with many students progressing to top universities and professional roles. The subject suits intellectually curious students who are interested in global affairs, human behaviour, and analytical reasoning.

Aims

Malvern has a long-standing tradition of excellence in Economics, being among the first schools in the UK to offer the subject at Sixth Form. The great James Meade, Nobel Laureate in Economics, is an Old Malvernian and a source of inspiration for our students. 

Economics appeals to pupils with strong intellectual curiosity and an interest in current affairs. The course helps them to understand the economic forces shaping society, from individual decision-making to global challenges. 

Many Malvern economists go on to study the subject at top universities in the UK and abroad. Alumni now work in a variety of high-profile fields, including central banks, academia, consultancy, and government advisory roles.  

Course Content

• Markets and Market Failure – Price determination, production, market structures, labour markets, inequality, market failure, and government intervention. 

• The National and International Economy – Macroeconomic indicators, the circular flow of income, aggregate demand and supply, economic performance, fiscal and monetary policy, financial markets, and development economics. 

• The Global Economy – International trade, globalisation, and international policy challenges. 

The Syllabus

We follow the AQA Economics (7136) specification

Assessment Details 

Three written examinations, each lasting 2 hours (all equally weighted, 33.3% each):

Paper 1: Markets and Market Failure 

• 80 marks | 33.3% of A Level | 2 hours 

• Section A: Data response (choose 1 from 2) 

• Section B: Essay (choose 1 from 3) 

Paper 2: National and International Economy 

• 80 marks | 33.3% of A Level | 2 hours 

• Section A: Data response (choose 1 from 2) 

• Section B: Essay (choose 1 from 3) 

Paper 3: Economic Principles and Issues 

• 80 marks | 33.3% of A Level | 2 hours 

• Section A: Multiple choice (30 marks) 

• Section B: Case study with extended responses (50 marks) 

• All questions compulsory 

Quantitative Skills in Economics 

Success in Economics requires strong numerical and analytical ability. Pupils are expected to have a solid grasp of GCSE Mathematics to apply numerical skills across a range of contexts. Quantitative skills account for at least 20% of the final A Level grade and are tested across all three papers. Pupils are expected to: 

• Work with ratios, fractions, percentages, and index numbers 

• Calculate costs, revenues, profits, and elasticities 

• Interpret and evaluate economic data, charts, and graphs 

• Apply statistical measures such as mean and median 

• Convert monetary values into real terms and analyse trends 

Complementary Subjects

Economics pairs well with a wide range of A Level subjects: 

• Mathematics – particularly useful for pupils considering Economics at university 

• Politics – understanding policy-making and governance 

• History – placing economic events in wider social and political contexts 

• Psychology – linking human behaviour with decision-making models 

• Geography – especially relevant to development and global economics 

This flexibility makes Economics suitable for pupils with interests across the humanities, social sciences, and quantitative disciplines.