What happens if I do not take Economics at A-levels ? Would I be at a great disadvantage ?
The answer is : A General Paper candidate does need to know something about economics, but this can be streamlined by looking at some past questions. You don’t need to to remember most of the jargon, but you do need to understand and re-express, in simple terms, how things work – and then make sense of whether economic perspectives clash or coincide with social or political perspectives.
Economics for General Paper :
What is economics ? It is the social science that studies the production, distribution, and consumption of goods and services.
GP Topics : Government, Poverty & Exploitation, Standard of Living & Quality of Life concerns
The history of money
The circular flow of money
How national income is computed
Economies of scale vs diminishing returns on input
Labour & Other Resources : Availability & Cost (Scarcity)
Globalisation & Industrialisation & the Knowledge age
Globalisation : free trade vs protectionism & pricing of imports and exports
Globalisation : comparative advantage & specialisation
the impact of migration
how to measure standard of living & quality of life
private good vs public good
open market system vs state control
how debt works : for individuals/firms & countries
how real is the problem of scarcity
crisis of confidence
(to be continued, with some detail)