is economics a level essay based

A-Level Economics: A Complete Guide

Dr Rahil Sachak-Patwa

Choosing A-Level subjects is a big step for students, and A-Level Economics is a popular choice. But why pick Economics? It's because this subject helps us understand how the world works, like why things cost what they do and how businesses operate. If you're interested in how countries manage their money, how companies grow, or why we pay taxes, then Economics might be a perfect fit. It's a subject that can open many doors for your future. Find out everything this subject has to offer in our comprehensive guide.

Is Economics a good A-Level to do?

Choosing A-Level Economics is a wise decision for students looking to broaden their understanding of both the global and local economic landscapes. According to education experts, students who pursue Economics at A-Level gain valuable skills in critical thinking, data analysis, and effective communication, making them highly attractive to universities and employers alike.

• Universality: Economics principles apply to a vast array of sectors, from finance and business to public policy and international relations.
• Skill Development: It enhances analytical skills, problem-solving abilities, and quantitative analysis.
• Employability: A background in Economics is highly valued in the job market, with many graduates finding roles in banking, finance, consulting, and beyond.
• Academic Pathways: It provides a solid foundation for further study in various fields, not just Economics but also Law, Business, and Social Sciences.

Here is what an expert A-Level Economics tutor has to say:

"If you are thinking of what subject to choose for your A-Level then I'd say go for A-Level Economics. It's not just about money and markets, it's a great way to learn how to think smart and make good decisions. If you're into the idea of making good money, think starting salaries around £40,000, or even running your own business one day, economics can really help. Plus, it opens up loads of job options. Trust me, it's a choice you won't regret."

Educational statistics indicate that students with A-Level Economics have a higher likelihood of pursuing successful careers in financially rewarding and intellectually stimulating fields. This is backed by the fact that many leading universities prefer candidates with a strong understanding of economic theories and principles.

Graph showing number of students who took A-Level Economics exams in the past 10 years in the UK

Is Economics hard in A-Levels?

The question of whether A-Level Economics is challenging or not is asked a lot. The answer is that it is considered the 8th hardest A-Level subject by students and it does present unique challenges that require dedication and specific skills to overcome.

• Content Complexity: While the content is manageable, it delves into detailed economic theories and principles that require a good understanding and the ability to apply this knowledge critically.
• Analytical Skills: A significant part of succeeding in A-Level Economics involves developing strong analytical and evaluative skills to tackle essay questions effectively.
• Mathematical Elements: The course contains mathematical components, necessitating a decent level of numeracy to interpret data and construct economic models.

Table showing A-level Economics grades distribution

Educational experts highlight that students find A-Level Economics demanding mainly due to the need for high-level essay writing skills and the application of economic theories to real-world situations. However, with the right approach to study and exam preparation, students can excel in this subject. The success rate in A-Level Economics reflects that students who engage deeply with the material and develop a robust exam strategy can achieve high grades, demonstrating that while the subject is challenging, it is by no means inaccessible.

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What is in A-Level Economics?

A-Level Economics encompasses a complete and comprehensive curriculum designed to equip students with a deep understanding of economic principles and their applications in the real world. The syllabus is divided into two main areas: Microeconomics and Macroeconomics.

• Microeconomics: This section explores how individual decisions impact market outcomes. It covers topics like supply and demand, market structures, the theory of the firm, and market failure.
• Macroeconomics: Here, the focus shifts to the economy as a whole, examining issues such as inflation, unemployment, fiscal and monetary policy, and international trade.

CIE A-Level Economics Syllabus

The CIE A-Level Economics syllabus covers microeconomics and macroeconomics, teaching students about market dynamics, policy impacts, and global economic issues. It emphasizes applying theory to real-world situations, developing critical thinking and analytical skills.

• Cambridge International AS Level students study topics 1.1–6.5.
• Cambridge International A Level students study all topics 1.1–11.6.

Table showing CIE A-Level Economics syllabus

Edexcel A-Level Economics Syllabus

The Edexcel A and B specifications for A-level Economics differ primarily in their structure and approach to teaching economics. Here's a general overview of the distinctions:

Edexcel Economics A

• Theme-Based Approach : Economics A is structured around specific themes, with each one focusing on a particular aspect of economics. There are four themes: Introduction to Markets and Market Failure; The UK Economy - Performance and Policies; Business Behaviour and the Labour Market; A Global Perspective.
• Focus on Micro and Macro Economics : The course evenly balances its focus between microeconomics and macroeconomics across the four themes.
• Real-World Application : Emphasizes applying economic theories and concepts to real-world scenarios, including current economic situations and policies.
• Assessment Structure : The assessment typically involves multiple-choice questions, short-answer questions, data response questions, and extended open-response questions.

Table showing Edexcel A-Level Economics A syllabus

Edexcel Economics B

• Business Economics and Economic Efficiency : Economics B takes a more focused approach on business economics, including themes on business growth, business strategy, and market structures.
• Context-Driven Learning : This specification is designed around different business contexts, making it more applied and practical for students interested in business alongside economics.
• Global Economics : While it still covers both micro and macroeconomics, Economics B includes a specific focus on the global economy, including international economics and development economics.
• Assessment Structure : Similar to Economics A, but with a stronger emphasis on context-based questions and case studies, reflecting the course's focus on applying economic theory to business and real-world contexts.

Table showing Edexcel A-Level Economics B syllabus

Key Differences

• Content Focus : Economics A is more traditional, offering a balanced view of micro and macroeconomics, while Economics B leans towards business economics and the application of economic concepts in business and real-world scenarios.
• Approach : Economics A is thematic, focusing on broader economic concepts, while Economics B is context-driven, using business case studies and scenarios to explore economic theories.
• Suitability : Economics A might be more suited to students interested in a broad understanding of economics, including public policy and economic theory. Economics B may appeal more to students interested in pursuing careers in business, finance, or management, where understanding economic principles in business contexts is crucial.

When choosing between the two, it's important to consider your interests, career goals, and the teaching approach that you think will best suit your learning style.

AQA A-Level Economics Syllabus

The AQA A-Level Economics syllabus explores economic fundamentals, including the operation of markets, economic decision-making, and the role of government in the economy. It encourages a critical approach to discussing current economic issues and policies, with a strong emphasis on both theoretical and practical aspects of economics. Students develop analytical skills by applying economic theories to real-life contexts.

Table showing AQA A-Level Economics syllabus

Statistics from examination boards show that students who engage with this diverse range of topics not only gain a solid foundation for further study in economics or related fields but also acquire a versatile skill set that is highly valued across multiple career paths.

What is the A-Level Economics exam structure?

The A-Level Economics exam structure varies slightly depending on the exam board but generally consists of a mix of multiple-choice, short-answer, and essay exam style questions designed to assess a student's understanding of both microeconomics and macroeconomics concepts.

• Multiple-Choice Questions: These assess basic knowledge and understanding of economic principles.
• Short-Answer Questions: These require concise explanations of economic theories and concepts.
• Essay Questions: These are more in-depth and test the ability to apply, analyse, and evaluate economic information and arguments.

CIE A-Level Economics Exam Structure

The CIE A-Level Economics exam structure is divided into multiple papers, focusing on both microeconomics and macroeconomics. Students are assessed through a combination of data response questions, essay writing, and case study analyses to evaluate their understanding of economic theories and their application to real-world scenarios. This structure aims to test students' analytical skills, their ability to interpret economic data, and their proficiency in presenting coherent arguments.

Table showing CIE A-Level Economics exam structure

Note: Paper 3 and 4 questions are based on the A Level subject content; knowledge of material from the AS Level subject content is assumed.

Edexcel A-Level Economics Exam Structure

Economics A Exam Structure :

The Edexcel A-Level Economics A exam features a mix of multiple-choice, short-answer, and extended essay questions across different papers, focusing on microeconomics and macroeconomics. This structure tests students’ knowledge, analytical skills, and their ability to apply economic concepts to contemporary issues.

Table showing Edexcel A-Level Economics A exam structure

Economics B Exam Structure :

The Edexcel A-Level Economics B exam combines real-world business contexts and economic theories, assessed through data response and extended-writing questions. This approach evaluates students' understanding of economics in practical scenarios and their ability to analyse and solve economic problems.

Table showing Edexcel A-Level Economics B exam structure

Key points to note for Economics B :

• For Paper 3, there will be a pre-released context document issued on Edexcel website in November of the previous year. A new context will be given to centres each year and will relate to the examination series for the following summer.
• Students cannot take any of their research or investigation data carried out as part of the pre-release into the examination.

AQA A-Level Economics Exam Structure

The AQA A-Level Economics exam structure includes multiple-choice, short-answer, and essay questions, covering both microeconomics and macroeconomics. This format assesses students' grasp of economic principles, their analytical abilities, and their skill in applying knowledge to current economic issues.

Table showing AQA A-Level Economics exam structure

According to exam statistics, the structure is designed to challenge students to think critically and apply their knowledge to a range of economic issues. This approach helps develop valuable skills for further education and employment, making A-Level Economics a rigorous and rewarding subject to study.

Choosing the Right Exam Board

Selecting the right exam board for A-Level Economics is crucial for aligning with your learning preferences and examination strengths. Each board- AQA , Edexcel (Pearson), OCR , and CIE - offers a distinct syllabus and assessment style that can significantly impact your study experience and performance.

• CIE (Cambridge International Examinations): Recognised as the most chosen board globally, CIE is renowned for its comprehensive coverage and international perspective on economics.
• Edexcel: With approximately 20,000 UK candidates in 2023, Edexcel is favoured for its structured approach and clear assessment criteria, making it a popular choice among students who prefer a more defined study path.
• AQA: Attracting 14,787 UK candidates, AQA is known for its engaging syllabus and emphasis on contemporary economic issues, appealing to students interested in current affairs and their economic implications.
• OCR: Though chosen by 2,860 UK candidates, OCR offers a unique approach with a focus on critical thinking and application, suited for students who thrive on applying theoretical knowledge to practical scenarios.

Experts in education and economics recommend considering factors such as syllabus content, assessment format, and access to available resources when choosing an exam board. This decision can influence not only the enjoyment of your study but also your performance in the exams, ultimately impacting your future academic and career opportunities.

How do you get an A* in A-Level Economics?

Securing an A* in A-Level Economics necessitates a blend of strategic study practices, comprehensive understanding, and proficient examination techniques. Drawing on educational research and expert opinions, key strategies for attaining the highest marks include:

• Consistent Revision: Regularly revising the syllabus content to reinforce understanding and retention of economic theories and concepts.
• Practise with Past Papers: Familiarising yourself with the exam format and question styles by completing past papers and complete revision practise under timed conditions. This practise not only enhances time management skills but also aids in identifying areas for improvement.
• Effective Use of Study Notes: Creating comprehensive and organised study notes that cover key theories, diagrams, examples and case studies. These straightforward study notes are invaluable for revision and ensuring a complete grasp of complex concepts.
• Engagement in A-Level Tutoring : Considering tutoring to deepen your understanding of challenging topics and refine exam strategies. Tutors can provide personalised feedback and targeted support to address specific weaknesses.
• Active Participation in Class: Engaging actively in class discussions and exercises. This promotes a deeper understanding of economic principles and their real-world applications.

Statistics indicate that students employing these strategies not only excel in A-Level Economics but also develop skills beneficial for higher education and beyond. The practise with past papers and the effective use of study notes, in particular, are underscored as critical for students aiming for an A*, providing the tailored guidance and consolidated knowledge essential for mastering the subject.

Have a look at our comprehensive set of A-Level Economics Study Notes developed by expert A-Level teachers and examiners!

What are the best 5 A-Levels for Economics?

Choosing the right combination of A-Levels alongside Economics is crucial for students aiming to enhance their university applications and prepare for economics-related degrees. The following five subjects are highly recommended by educational experts and university admissions teams for their complementary skills and knowledge:

• A-Level Mathematics : Essential for understanding the quantitative aspects of Economics. A-Level Maths provides the analytical and statistical skills necessary for economic modeling and analysis.
• A-Level History : Offers insights into economic development and historical financial trends, improving a student's ability to evaluate economic policies within a historical context.
• A-Level Politics: Enhances understanding of government policy-making and its impact on the economy, crucial for topics covered, like fiscal and monetary policy.
• A-Level Further Mathematics : Further Maths is ideal for enhancing quantitative skills, crucial for economics degrees. It covers advanced mathematical concepts, improving analytical and problem-solving abilities vital for economic analysis.
• A-Level Business Studies : Business Studies provides practical insights into business operations and economics applied in real contexts. It covers marketing, finance, and management, preparing students for careers in business or entrepreneurship.

Graph showing grades distribution of A-Level Economics in UK 2021-2023

Universities and employers value the breadth and depth of skills developed through these subjects. They not only complement the study of Economics but also equip students with a versatile skill set, opening up a wide range of career paths in finance, economics, and beyond.

Best A-Level Economics Resources

Securing top resources is essential for excelling in A-Level Economics. High-quality materials are instrumental in enhancing comprehension and performance. Below, we outline some of the top resources endorsed by educational authorities and high-achieving students:

• Textbooks and Revision Guides: Always opt for the most recent editions aligned with your exam board. These resources simplify complex economic concepts into more digestible sections and feature practise questions reflective of those in exams. Noteworthy titles include " Exam Success in Economics for Cambridge AS & A Level ", " Edexcel AS/A Level Economics Student book ", " AQA A-level Economics Fifth Edition " and " OCR A Level Economics ".
• Online Platforms and Websites: Resources like EconplusDal offer extensive materials, including video tutorials, case studies, and specific exam guidance tailored to A-Level syllabus requirements.
• Past Exam Papers and Mark Schemes: Vital for familiarising with exam layout and expectations. Practising with these materials from your exam board’s website aids in honing time management and examination techniques.
• YouTube Channels: Paj Holden is renowned for its thorough breakdowns of critical concepts and strategies for tackling exams, making intricate topics more approachable.
• Online Forums and Study Groups: Engage with communities such as The Student Room to share resources, exchange ideas, and discuss complex subjects with fellow students.
• Tutoring Services: Personalised tutoring can pinpoint and address individual challenges, providing bespoke methods to navigate difficulties and deepen subject comprehension.
• Study Notes and Resources: Developing detailed study notes and exploring additional resources from platforms like TutorChase can offer fresh perspectives and clarify challenging concepts. Effective note-taking and the utilisation of diverse resources are crucial for reinforcing learning and ensuring a thorough understanding of the syllabus.

Leveraging a mix of these resources in your study regimen can significantly boost your mastery of economic theories and principles, as well as your capability to apply this knowledge adeptly in examinations. Education experts recommend a balanced strategy, integrating traditional study materials with interactive and digital tools, to optimally prepare for exams while gaining a broad understanding of economics.

Common Challenges and How to Overcome Them

A-Level Economics students often face several common challenges, but with the right strategies, these can be effectively overcome.

• Understanding Economic Theories: Many students struggle with the abstract nature of economic theories. To combat this, actively engage in class discussions and utilise a variety of resources like videos and podcasts that explain theories in real-world examples and contexts.
• Applying Theories to Real Situations: The application of economic theories to current events can be daunting. Regularly reading economic news and practising case studies can bridge this gap, enhancing the ability to critically analyse and apply knowledge.
• Mathematical Elements: Economics involves mathematical concepts which can be challenging for some. Strengthening maths skills through targeted practise and applying them in economic contexts can improve confidence and ability.
• Exam Technique: Mastering exam techniques is crucial for success. Practising past papers, under timed conditions, and seeking feedback on answers can significantly improve exam performance.

Experts suggest that overcoming these challenges requires a combination of regular study, application of knowledge, and the development of exam strategies. Engaging with tutors and peers for support and clarification can also provide a more rounded understanding, ensuring that students are well-prepared to tackle A-Level Economics effectively.

Past Papers and Practise Questions

Utilising past papers and practise questions is a cornerstone of effective A-Level Economics revision. This approach offers several key benefits:

• Familiarisation with Exam Format: Regular practise with past papers helps students understand the structure of the exam, including types of questions and marking schemes.
• Time Management: Completing past papers under timed conditions allows students to develop the ability to manage their time effectively during the actual exam.
• Identification of Weak Areas: Through practise, students can identify areas where they need further study or clarification, allowing targeted revision.
• Application of Knowledge: Practise questions and past papers provide an opportunity to apply economic theories and concepts to different scenarios, enhancing understanding and retention.

Educational experts and exam boards alike stress the importance of incorporating these resources into study routines. Data shows that students who consistently work with past papers and practise questions tend to achieve higher grades. They not only become more adept at answering exam questions but also build confidence in their ability to tackle the challenges of A-Level Economics.

Opportunities with A-Level Economics

A-Level Economics opens a gateway to a great number of opportunities, both academically and in the career sphere, by equipping students with a deep understanding of economic principles and their real-world applications.

Pie chart showing gender distribution across A-Level Economics

Majors in Higher Education:

• Economics: Provides a strong foundation for diving deeper into economic theories, econometrics, and financial economics.
• Finance: Essential for understanding financial markets, investment analysis, and corporate finance.
• Business Studies: Offers insights into business strategy, marketing, and management from an economic perspective.
• International Relations: Integrates economic policies with global politics, ideal for those interested in the global economic landscape.
• Public Policy: Prepares students for roles in government and nonprofits, focusing on the economic impact of policy decisions.

Career Paths:

• Economic Analyst: For those interested in analysing economic conditions to inform business and policy decisions.
• Financial Consultant: Advising businesses and individuals on investment, planning, and economic strategies.
• Market Research Analyst: Involves examining market trends to help companies make informed decisions.
• Public Sector Roles: Working within government to shape and implement economic policies.
• Banking and Finance: A vast sector offering roles from investment banking to financial planning.

Skills Development:

• Critical Thinking: Enhances the ability to evaluate complex problems and economic policies.
• Analytical Skills: Develops proficiency in interpreting data and economic trends.
• Communication: Equips students with the ability to articulate economic concepts clearly and persuasively.
• Problem-Solving: Encourages innovative thinking in addressing economic challenges.

Pursuing A-Level Economics not only boosts academic credentials but also enriches students with analytical and problem-solving skills, making them highly desirable for competitive university courses and in demand in a variety of industries, from finance and consulting to government and international organisations.

Conclusion on A-Level Economics

A-Level Economics is a vital subject that prepares students for diverse futures in both higher education and professional careers by developing critical thinking and analytical skills. It offers insights into economic theories and real-world applications, making students attractive to both universities and employers. Experts affirm the importance of Economics for its role in fostering a deep understanding of global and local economic issues. With the right resources and strategies, students can overcome challenges, excel in their exams, and open doors to numerous opportunities in fields such as finance, policy-making, and international relations, showcasing the undeniable value of this subject in a student's academic and career journey.

Do you need maths for economics A-level?

For A-Level Economics, having a strong grasp of maths is highly beneficial, though not always formally required by all schools or colleges . The subject involves analysing data, interpreting graphs, and understanding models, which are skills rooted in mathematical principles. Some exam boards might include mathematical questions, albeit at a level accessible with GCSE Maths knowledge. It’s advisable to check the specific requirements of the course offered by your school or college, as they can vary.

What is the highest paying job with an economics degree?

With an economics degree, one of the highest paying careers is in investment banking . Investment bankers help their clients raise money in capital markets by issuing debt or selling equity in the companies. Other lucrative positions include roles as an economic consultant, where you can provide expert advice on legal and business strategies, and positions in corporate finance, which involve managing a company's financial activities. Chief financial officers (CFOs), who oversee a company's financial operations, also rank highly in earnings, often benefiting from a background in economics.

What GCSEs do you need to do economics A-level?

To study Economics at A-Level, most schools and colleges require you to have a strong set of GCSEs, typically including Maths and English at grade 5 (C) or above . While specific requirements can vary, a good understanding of Maths is often emphasised due to the analytical and numerical aspects of the subject. It's not uncommon for institutions to also look for grades in related subjects such as Business Studies or History, although these are less frequently mandatory. Always check with the specific entry requirements of the institution you're interested in.

Can I study economics if I'm bad at maths?

Yes, you can study economics even if you find maths challenging . Economics at A-Level does involve some mathematical concepts, but these are generally accessible with GCSE level maths. It's important to focus on improving your mathematical skills through practise, as a basic understanding of graphs, percentages, and equations is necessary. Many economics courses also emphasise theoretical and qualitative aspects, such as understanding economic principles and evaluating policies. Dedication and the right support can help overcome mathematical hurdles in economics.

Do you need economics A-level for LSE?

For admission to the London School of Economics and Political Science (LSE), having an A-Level in Economics is not universally required for all courses but is highly recommended for economics-related degrees . LSE looks for strong analytical skills, which can be demonstrated through various A-Levels, including but not limited to Economics. For specific courses like Economics or Econometrics, demonstrating a strong proficiency in mathematics is crucial. Always check the specific entry requirements for the course you are interested in on the LSE website, as they provide detailed information about preferred subjects and grade requirements.

Is economics a STEM degree?

Economics is often considered a social science rather than a traditional STEM (Science, Technology, Engineering, and Mathematics) degree. It studies the production, distribution, and consumption of goods and services and examines how individuals, businesses, governments, and nations make choices on allocating resources. However, modern economics heavily incorporates mathematical models and statistical methods, bridging it closer to the quantitative aspect of STEM fields. Some institutions and organisations may categorise economics under STEM due to its analytical and empirical research methods, especially in courses focused on econometrics and quantitative economics.

What A-levels do I need to study Economics at Cambridge?

To study Economics at the University of Cambridge, it is highly recommended that applicants have A-Level Mathematics . The Cambridge Economics course is mathematically rigorous, and a strong aptitude in mathematics is essential for success. While A-Level Economics is not a requirement, it can be beneficial for building foundational knowledge. Other facilitating A-Levels, such as Further Mathematics, History, or Physics, can also strengthen your application by demonstrating analytical skills. The University of Cambridge values a combination of A-Levels that showcase your ability to handle abstract concepts and quantitative reasoning. Always refer to the latest admissions guidelines on the Cambridge website for the most current advice.

How much maths is involved in A-Level economics?

The mathematical content in A-Level Economics can be quantified as roughly 20-30% of the curriculum , focusing on statistical analysis, interpretation of graphs, and basic algebra. This estimation aligns with the requirements set by major exam boards, ensuring students apply mathematical concepts to economic theories and data analysis.

How relevant is A-Level Economics for entrepreneurship?

A-Level Economics is highly relevant for entrepreneurship , offering valuable insights into market dynamics, consumer behaviour, and financial planning. It equips aspiring entrepreneurs with the knowledge to make informed decisions, understand economic trends, and develop strategies for business growth. Key topics such as supply and demand, market structures, and the impact of government policies on businesses are directly applicable to starting and running a successful enterprise. Furthermore, economic principles can help entrepreneurs analyse competition, optimise resource allocation, and navigate the complexities of the global economy, enhancing their ability to innovate and adapt in competitive markets.

Can I study Economics without a Maths A-Level?

Yes, it's possible to study Economics without a Maths A-Level , but having a strong foundation in mathematics can significantly enhance your understanding of economic concepts. Many universities prefer applicants for Economics degrees to have Maths due to the quantitative methods used in the course. However, if you're passionate about Economics and lack a Maths A-Level, look for programmes with less emphasis on mathematical content or consider taking a foundation year to build your maths skills. It's crucial to check the specific requirements of each university before applying.

What's the difference between Economics and Business Studies A-Level?

Economics and Business Studies A-Level cover distinct but complementary areas. Economics focuses on understanding how economies operate, including the study of supply and demand, economic theories, and the impact of governmental policies on the economy. It's more theoretical and analytical, often involving graphs and some mathematics to analyse economic models and concepts. Business Studies, on the other hand, is more practical, concentrating on how individual businesses operate, including aspects of marketing, management, finance, and organisational structure. While Economics provides a broader view of economic systems, Business Studies delves into the inner workings of companies and their strategies.

How does A-Level Economics support a career in law?

A-Level Economics offers valuable insights and skills relevant to a career in law, especially in areas like commercial, corporate, and international law. Understanding economic principles can help lawyers analyse and interpret the financial implications of legal cases, regulations, and policies. Economics teaches critical thinking and analytical skills, enabling lawyers to construct compelling arguments and understand the broader economic impact of legal decisions. Additionally, knowledge of market structures, economic policies, and their legal implications can be particularly useful in antitrust cases, financial regulation, and economic consultancy within legal practice.

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Written by: Dr Rahil Sachak-Patwa

Rahil spent ten years working as private tutor, teaching students for GCSEs, A-Levels, and university admissions. During his PhD he published papers on modelling infectious disease epidemics and was a tutor to undergraduate and masters students for mathematics courses.

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Tips for writing economics essays

Some tips for writing economics essays  Includes how to answer the question, including right diagrams and evaluation – primarily designed for A Level students.

1. Understand the question

Make sure you understand the essential point of the question. If appropriate, you could try and rephrase the question into a simpler version.

For example:

Q. Examine the macroeconomic implications of a significant fall in UK House prices, combined with a simultaneous loosening of Monetary Policy.

In plain English.

• Discuss the effect of falling house prices on the economy
• Discuss the effect of falling interest rates (loose monetary policy) on economy

In effect, there are two distinct parts to this question. It is a valid response, to deal with each separately, before considering both together.

It helps to keep reminding yourself of the question as you answer. Sometimes candidates start off well, but towards the end forget what the question was. Bear in mind, failure to answer the question can lead to a very low mark.

2. Write in simple sentences

For clarity of thought, it is usually best for students to write short sentences. The main thing is to avoid combining too many ideas into one sentence. If you write in short sentences, it may sound a little stilted; but it is worth remembering that there are no extra marks for a Shakespearian grasp of English. (at least in Economics Exams)

Look at this response to a question:

Q. What is the impact of higher interest rates?

Higher interest rates increase the cost of borrowing. As a result, those with mortgages will have lower disposable income. Also, consumers have less incentive to borrow and spend on credit cards. Therefore consumption will be lower. This fall in consumption will cause a fall in Aggregate Demand and therefore lead to lower economic growth. A fall in AD will also reduce inflation.

I could have combined 1 or 2 sentences together, but here I wanted to show that short sentences can aid clarity of thought. Nothing is wasted in the above example.

Simple sentences help you to focus on one thing at once, which is another important tip.

3. Answer the question

Quite frequently, when marking economic essays, you see a candidate who has a reasonable knowledge of economics, but unfortunately does not answer the question. Therefore, as a result, they can get zero for a question. It may seem harsh, but if you don’t answer the question, the examiner can’t give any marks.

At the end of each paragraph you can ask yourself; how does this paragraph answer the question? If necessary, you can write a one-sentence summary, which directly answers the question. Don’t wait until the end of the essay to realise you have answered a different question.

Discuss the impact of Euro membership on UK fiscal and monetary policy?

Most students will have revised a question on: “The benefits and costs of the Euro. Therefore, as soon as they see the Euro in the title, they put down all their notes on the benefits and costs of the Euro. However, this question is quite specific; it only wishes to know the impact on fiscal and monetary policy.

The “joke” goes, put 10 economists in a room and you will get 11 different answers. Why? you may ask. The nature of economics is that quite often there is no “right” answer. It is important that we always consider other points of view, and discuss various different, potential outcomes. This is what we mean by evaluation.

Macro-evaluation

• Depends on the state of the economy – full capacity or recession?
• Time lags – it may take 18 months for interest rates to have an effect
• Depends on other variables in the economy . Higher investment could be offset by fall in consumer spending.
• The significance of factors . A fall in exports to the US is only a small proportion of UK AD. However, a recession in Europe is more significant because 50% of UK exports go to EU.
• Consider the impact on all macroeconomic objectives . For example, higher interest rates may reduce inflation, but what about economic growth, unemployment, current account and balance of payments?
• Consider both the supply and demand side . For example, expansionary fiscal policy can help to reduce demand-deficient unemployment, however, it will be ineffective in solving demand-side unemployment (e.g. structural unemployment)

Example question :

The effect of raising interest rates will reduce consumer spending.

• However , if confidence is high, higher interest rates may not actually discourage consumer spending.

If the economy is close to full capacity a rise in interest rates may reduce inflation but not reduce growth. (AD falls from AD1 to AD2)

• However , if there is already a slowdown in the economy, rising interest rates may cause a recession. (AD3 to AD3)

Micro-evaluation

1. The impact depends on elasticity of demand

In both diagrams, we place the same tax on the good, causing supply to shift to the left.

• When demand is price inelastic, the tax causes only a small fall in demand.
• If demand is price elastic, the tax causes a bigger percentage fall in demand.

2. Time lag

In the short term, demand for petrol is likely to be price inelastic. However, over time, consumers may find alternatives, e.g. they buy electric cars. In the short-term, investment will not increase capacity, but over time, it may help to increase a firms profitability. Time lags.

3. Depends on market structure

If markets are competitive, then we can expect prices to remain low. However, if a firm has monopoly power, then we can expect higher prices.

4. Depends on business objectives

If a firm is seeking to maximise profits, we can expect prices to rise. However, if a firm is seeking to maximise market share, it may seek to cut prices – even if it means less profit.

5. Behavioural economics

In economics, we usually assume individuals are rational and seeking to maximise their utility. However, in the real world, people are subject to bias and may not meet expectations of classical economic theory. For example, the present-bias suggest consumers will give much higher weighting to present levels of happiness and ignore future costs. This may explain over-consumption of demerit goods and under-consumption of merit goods. See: behavioural economics

Exam tips for economics – Comprehensive e-book guide for just £5

8 thoughts on “Tips for writing economics essays”

I really want to know the difference between discussion questions and analysis questions and how to answer them in a correct way to get good credit in Economics

Analysis just involves one sided answers while Discussion questions involve using two points of view

This is a great lesson learnd by me

how can I actually manage my time

The evaluation points in this article are really useful! The thing I struggle with is analysis and application. I have all the knowledge and I have learnt the evaluation points like J-curve analysis and marshall learner condition, but my chains of reasoning are not good enough. I will try the shorter sentences recommended in this article.

What kind of method for costing analysis is most suitable for a craft brewery, in order to analyze the cost of production of different types of beer_

Really useful!Especially for the CIE exam papers

Does anyone know how to evaluate in those advantages/disadvantages essay questions where you would basically analyse the benefits of something and then evaluate? Struggling because wouldn’t the evaluation just be the disadvantages ?? Like how would you evaluate without just stating the disadvantage?

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How to write economics essays

All Economics exam papers at A-Level will have a 25-mark essay-style question, which requires evaluation .

There are different approaches that can be taken in dealing with essay questions, and there is not one essay writing 'template' or 'wizard' that can deal will all questions. However, a commonly used method is to use the first half of your essay to complete the analysis and the second half to evaluate - this is an easy approach to master, and can be used to answer most microeconomic and macroeconomic essays. More on this later.

What the mark scheme tells us

The mark-scheme for a 25-mark question is typically based on the ' levels ' method, with marks allocated in the following way:

4 marks for correctly demonstrating knowledge and understanding of economic concepts and models

4 marks for applying your knowledge and understanding to the 'context' put before you - this case a chocolate manufacturer

8 marks for providing an analysis of the decision (in this case, to raise price) - i.e. what are the expected effects, consequences and results

9 marks for evaluating a decision (question, issue, policy, or problem) based on your judgment , with reference to the problems or risks associated with the decision (policy, problem etc.)

Points to note

• Exam boards often state that, in a 25-mark question, definitions are not specifically required , but it is good practice to define key economic terms that are specific to economics, and to the question.
• Application does not happen in one section of your answer, but should run throughout your answer . In other words, answers that are purely theoretical and detached from the context will not earn high marks.
• For analysis and evaluation, developing a chain of reasoning is essential - ( read more on chains of reasoning ) you have to show exactly how you arrived at a point, judgment or conclusion. A carefully chosen, well draw, accurately explained and fully integrated diagram is essential for effective analysis. This is only possible if you start out by making your assumptions clear.
• For evaluation, it is essential that you provide an alternative approach , (alternative decision, policy etc.) and that your conclusion is not just a summary but a 'weighted' judgment .
• While you only have 30 minutes to write, it is essential you plan your route through your answer - 4-5 minutes planning is worth its weight in gold!

So, lets have a look at a couple of ways to deal with a 25-mark question. Both have similar openings and conclusions, but start out with different assumptions.

' Evaluate the decision by a chocolate manufacturer to raise the price of its 'luxury' box of chocolates .'

There are several factors a chocolate manufacturer will take into account when making a decision about its price. Factors affecting this decision depend on the market structure it operates in, the level of competition it faces, its size and ownership structure. These will affect its main business objective, which in turn will affect its decision regarding price and non-price factors.

We will assume that the chocolate manufacturer's objective is to maximise profits and that it is a price maker and facing a downward sloping demand curve. This means that it is not operating in a highly competitive market, and can raise price without suffering a complete collapse in sales. Profit maximisation arises at the output where MC=MR, which in the diagram is quantity Q. At profit maximisation, the area of supernormal profits (SNP) is area p a b c.

At this quantity, marginal revenue equals marginal cost, which means that any change in price or quantity produced will move it away from profit maximisation. For example, if the chocolate manufacturer increases price to P1, demand will contract along the demand (AR) curve, from 'a' to 'v', resulting in equilibrium quantity falling to Q1. At Q1, MR is greater than MC, which means there is an opportunity cost because the firm could reduce price and produce more, which would lead to an increase its supernormal profits.  So, reducung price and producing extra marginal units of output will add to SNP until MC=MR is reached. Hence, in terms of achieving its profit maximising objective, an increase in price above 'P' is clearly counter-productive. This is supported by the probability that demand for 'luxury' chocolates is price elastic, and the producer is operating in the elastic range of the AR curve. As a result, any increase in price will reduce total revenue, and also reduce SNP, which falls to area P1 v w x.

However, there are issues with this analysis. Are the assumptions about the chocolate producer and its market valid? Is the chocolate producer targeting profits, or attempting to achieve a different objective? Will  there be negative, and even unexpected consequences of the price rise?

The assumptions regarding the market structure certainly might not hold - in a less competitive market, with fewer firms, the price rise may have a much smaller effect because consumers have less choice. Demand may be more inelastic than predicted, especially if there is loyalty to the brand of chocolate - even though it is a luxury product.

Also, the chocolate producer may have previously been a revenue or sales maximiser and may have decided to change its strategy from revenue or sales maximising to profit maximising. As a revenue or sales maximiser price will be set at a lower level, to stimulate sales or gain more revenue. Management salaries or bonuses may be connected with sales, hence a low price will help the firm achieve this objective. The price increase will move it towards profit maximisation rather than away from it, and help it achieve its new objective. Alternatively, the producer may be a 'profit satisficer' looking to increase its profits but not maximising them. In any of these cases, the price rise might be a rational decision.

It is not known whether rivals will keep their prices on hold, reduce them or raise them to match the firm's price increase. If the firm has a few close competitors, then these firms may be interdependent, meaning it may be more beneficial to keep prices on hold to reduce uncertainty.

Furthermore, the price rise could encourage unwanted new entrants, attracted by the opportunity presented. Raising price could also send a signal to existing producers to launch their own 'luxury' version of the product.

Of course, there may be alternative decisions to consider to help it achieve its objectives, such as changing its non-price activities. So, the price rise could be justified if an effective marketing campaign could help increase demand (AR) and, diagrammatically, shift the AR (and MR) curve to the right, as shown.

In this case, profits are maintained, or even increased, as shown, with lower supernormal profits at area P1 k r m.

Taking a wider view, price rises reduce consumer surplus, and if personal incomes remain constant, consumer will have less income to spend on other goods and services, and the price rise will cause a negative income effect. Of course, a rise in the price of chocolate would not have the same effect as a rise in interest rates or house prices, so the income effect is very small.

In conclusion, the decision to raise prices cannot be judged without understanding the nature of the market, the level of competition and the firm's current objectives, and compared with alternatives. There is also the wider economic context to consider, such as whether the economy is in a recession, with pressure on disposable income, or whether the economy is growing, with consumers feeling confident. There are clearly risks associated with an increase in price, and it might be less risky not to raise price, and put more effort into non-price strategies. However, if the assumptions that the firm is already a profit maximiser, that there are no other changes to its non-price activity, and that the behaviour of other chocolate producers does not change, then a price rise seems unjustifiable as it would fail to achieve its dominant objective - to maximise profits - and raising price would, in this case, be an irrational decision.

Answer two - the alternative answer

We will assume that the chocolate manufacturer's objective is to maximise profits and that it is a price maker and facing a downward sloping demand curve.  We will also assume that it currently is not profit maximising, but producing at an output greater than profit maximisation, at output Q, and a lower price, at P in the following diagram. Profit maximisation arises at the output where MC=MR, which in the diagram is quantity Q1, and price P1.

At the quantity Q, while marginal revenue is negative at 'f' and below marginal cost at 's',  the chocolate manufacturer still makes a supernormal profit, shown as the area SNP (area Pvwx). Also, at the current price of P, price elasticity of demand is inelastic because, in the diagram quantity demanded, Q at price P is to the right of the mid-point of the demand (AR) curve. Given that, at the mid-point, PED equals (-) 1.0, which is where MR=0, at its current output, PED must be inelastic.

Given these assumptions, a decision to increase price above P will help the manufacturer achieve profit maximisation. Because the firm operates in the inelastic portion of its demand (AR) curve, the planned price rise reduces the quantity demanded, to Q1, but increases total revenue - at least up to the output where MR=0. The reduction in output that follows means that the variable costs of production fall, which means that marginal costs fall (from 's' to 't'), while at the same time marginal revenue increases from 'f' to 't'. Assuming profit maximisation is still the dominant objective, the price rise is clearly beneficial, as it leads to increased profits (area P1a b c) resulting from the lower marginal cost and the higher marginal revenue.

However, there issues with this analysis. Firstly, are the assumptions about the chocolate producer valid, secondly, is the chocolate producer wishing to increase profits, and thirdly, will there be any negative, and even unexpected consequences of the price rise?

The assumptions regarding the market structure certainly might not hold - the market could be much more competitive, and approach perfect competition. This would result in a very different outcome for the producer, especially in terms of a price elasticity of demand, which rises with increased competition. In a more competitive market, there are more choices for the consumer, and any price rise by one firm may result in falling revenue. Demand may be more elastic than predicted, especially because the price rise is for the 'luxury' version of the box of chocolates, where demand is likely to be more elastic.

Also, the chocolate producer may not be a profit maximiser, but may instead be a revenue or sales maximiser, in which case the price rise could move it away from maximising sales or revenue points. If the firm is a large producer where there is a separation of ownership and control, it is more likely that other 'managerial' objectives dominate decision making. If, for example, the firm is looking to maximise sales volume, perhaps because management salaries or bonuses are connected with sales, then a price rise would not be beneficial.

It is not known whether rivals will keep their prices on hold, reduce them or raise them to match the firm's price increase. If the firm has a few close competitors, then the fact that these firms may be interdependent means that it may be more beneficial to keep prices on hold and reduce uncertainty.

Of course, there may be alternative decisions to consider to help it achieve its objectives, such as changing its non-price policy. So, if there is also a successful marketing campaign designed to increase sales, or build a brand, price increases could be postponed until the brand is well established.

In conclusion, the decision to raise prices cannot be judged without understanding the nature of the market and competition and the firm's current objectives, and compared with alternatives. There is also the wider economic context to consider, such as whether the economy is in a recession, with pressure on disposable income, or whether the economy is growing, with consumers feeling confident. There are clearly risks associated with an increase in price, and it might be less risky not to raise price, and put more effort into non-price strategies. However, if all the assumptions listed above are fully met, then a price rise seems justifiable in that the firm can achieve its dominant objective - to maximise profits.

These are two answers which use a similar structure, and common introduction and conclusion - but start with different assumptions, and therefore have a different analysis, and evaluation.

There are other several possible approaches to this question, and other evaluative points that could have been included. For example, there could have been more emphasis on what rivals might do, and there could be more robust questioning about exactly how much the price is being increased by, and whether this is just a temporary strategy. The essay could also have raised the question of the possible external effects arising from less output and consumption (namely fewer negative consumption and production externalities). However, with the time constraint in the examination room, it is not possible to cover every 'blade of grass' and some good points may have to be sacrificed.

Finally, the 'starting point' and assumptions could have been different, which would have led to a different analysis.

Conclusion and key takeaways

Having a structure to help you tackle an essay-style question is very important.

Both essays use the same four-part structure :

• Part 1, the analysis - making assumptions, and using the correct diagram to show how a decision or policy will work to achieve an objective.
• Part 2, the evaluation begins with ' the bridge ' of the essay - assumptions are questioned and probably changed.
• Part 3 the full evaluation , where an alternative or alternatives are explained based on the change of assumptions.
• Part 4, the conclusion , where the evidence or strength of argument is assessed, and the decision, policy or assertion is 'accepted in full', 'accepted in part' or 'rejected' in favour of the alternative(s).

Finally, it is clear how important diagrams are in analysis and evaluation, and helping develop a logical chain of reasoning - so ensure that you have undertaken enough practice in constructing, applying and integrating diagrams to a wide range of past questions.

Other tips:

How to study economics

How to write the perfect conclusion

How to answer data response questions

How to include chains of reasoning

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• Revision notes >
• A-Level Economics Revision Notes

A-Level Economics

These concise, organised A-Level Economics revision notes condense complex subject matter such as Economic Growth and the difference between Macroeconomics and Microeconomics into easily digestible chunks, making them an essential resource for efficient and effective revision.

Economic Growth

Macroeconomics, microeconomics, how can i revise for the a-level economics exams when there is so much to learn.

Start by creating a revision schedule that allocates time to each topic, focusing on areas you find challenging. Summarize key economic concepts, models, and formulas in concise notes. Practice solving numerical problems and graph-based questions to reinforce your understanding of economic principles. Engage with current economic news and case studies to relate theory to real-world situations.

What strategies can I use in the essay-based questions of A-Level Economics exams?

For essay questions, begin by structuring your response with a clear introduction, well-organized body paragraphs, and a concise conclusion. Use the PEEEL method (Point, Explanation, Example, Evaluation, Link) to structure your arguments, providing evidence and critical analysis. Utilize diagrams or graphs when applicable to illustrate economic concepts. Incorporate economic theories and empirical evidence to support your arguments and evaluations. Keep your writing concise, stay focused on the question, and practice timed essays to improve your writing speed and precision.

How can I prepare for the quantitative and data interpretation aspects of A-Level Economics exams?

To excel in quantitative sections, practice interpreting economic data sets, such as GDP figures, inflation rates, or unemployment statistics. Develop your data analysis skills by creating and interpreting graphs and charts. Review statistical techniques like correlation, regression analysis, and hypothesis testing. Practice applying economic theories to real-world scenarios, using data to support your arguments. Engage with econometric models and understand their applications. Regularly work through past exam papers to familiarize yourself with the types of quantitative questions you may encounter in A-Level Economics exams.

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Home › University › A Level Requirements For Popular University Degrees (An A-Z) › A Level Requirements For Economics & Application Advice

A Level Requirements For Economics & Application Advice

• Published November 23, 2022

Table of Contents

This article will help you decide what A-Levels to take for Economics at university. We’ve compiled a list of the best A-Level subjects for Economics degrees so you can make an informed decision about your future.

Choosing the right A-Levels can be confusing. You want to ensure you’re taking the right courses to give you the best chance to get into the university for Economics.

If you’re a keen student looking for more information on Economics at university, our Economics Summer School students get  1:1 personalised tutorials with expert Economics tutors.  

But first, let’s check out the A-Level entry requirements of the best Economics universities in the UK, starting with the University of Oxford.

University of Cambridge

Cambridge Economics graduates are qualified for a wide variety of careers. Why? Because they learn to incorporate ideas from several disciplines, including:

• Mathematics
• And Politics 

Economics at Cambridge thoroughly understands pure, core, and applied economics.

What are the A-Level requirements to be qualified for Cambridge Economics? A*A*A, with Mathematics. Cambridge recommends taking Further Mathematics. 

University of Oxford

Do you know that the University of Oxford is a world-renowned leader in Economics? It has one of the largest collectives of academic economists worldwide. It’s another university featured on our 8 best UK universities for economics (which is worth checking out!)

There are three Economics courses available at Oxford, including:

Politics, Philosophy, & Economics (PPE)

Politics, Philosophy, & Economics (PPE) at Oxford was born out of the conviction that studying the three subjects together has the power to transform students’ intellectual lives. Eventually impacting society at large. 

By studying this course, students learn to analyse information to an advanced degree. 

The A-Level requirement necessary to take PPE at Oxford is AAA. Maths is a recommended A-Level Subject.

In addition, History is considered a helpful degree (but not required.)

Economics & Management

Discover Uni reports that 85% of Oxford Economics & Management graduates are employed or enrolled in further study within 15 months after graduation. 

Of those employed, 95% work in highly-skilled professions, with 50% working in the Finance industry. 

What are the A-Level requirements for Economics & Management at Oxford? A*AA, including Maths at A or A*. 

History and Economics

You’ll acquire two significant skills by studying Oxford’s Economics & History course:

• Quantitative and Analytical skills from Economics
• Detailed approach to argumentation and evidence from History

Both of which will open a range of 

• Professional
• and Academic careers for you. 

To apply, you’ll need AAA. Recommended subjects include History and Maths.

London School of Economics and Political Science (LSE)

The London School of Economics and Political Science has two Economics courses for undergraduate students:

Are you looking for an Economics degree that will help you:

• Develop thorough analytical skills
• Address crucial social issues
• Tackle policy questions

Then, you’ll enjoy LSE’s Economics course if you resonate with these three.

What’s the standard A-Level requirement? A*AA with an A* in Mathematics. The contextual offer? A*AB, including an A* in Mathematics.

Further Mathematics is preferred. However, if you take Maths and Further Maths together, choosing an essay-based subject for your third A-Level is best.

Economics and Economic History

Do you want to focus on practical questions about real-world economies? If yes, you may be interested in checking out LSE’s Economics and Economic History. 

It studies the factors that influence economic development. Affecting the changes previous economies went through. 

The standard A-Level requirement for application is AAA, with an A in Mathematics. So what’s the contextual offer? AAB, with an A in Mathematics.

Economic History and Geography  

Economic History helps you understand factors that influenced economic development through the decades. 

What about Geography? It sharpens your understanding of the following:

• Environmental
• And the social aspects of Geography
• Plus, worldwide policy processes

To be eligible for LSE’s Economic History and Geography, you’ll need AAB. The contextual offer is ABB. 

What subjects are essential? There needs to be at least 1 essay-based subject, such as Economics and Modern Foreign Languages. 

Preferred subjects are humanities and social science subjects, including:

• Geography  

University College London (UCL)  

Do you want to explore real-world problems using economic analysis, theories, research, and quantitative tools? Then you’ll find the Economics degree at the University College London intellectually stimulating and fulfilling. 

By taking UCL’s Economics degree, you’ll learn from experts with immense research experience and innovative teaching methods. 

The A-Level offer is A*AA, with Mathematics at A*. So if you took Economics at A-Level, it must be at A.

What’s the contextual offer? A*AB with A* in Mathematics. 

University of St. Andrews

What are the major topics you’ll encounter when you study Economics at St Andrews?

• Macroeconomics
• Behaviour Economics
• International Economics & Development
• Choice Theory
• Game Theory
• Competition and Innovation
• Climate Change

You’ll need A-Level grades between ABB-AAA to apply for Economics at the University of St Andrews. No specific subjects are required. But the demonstration of mathematical ability is essential. 

Graduate Destinations For Economics Graduates

Where do Economics graduates go after completing their course? The Association of Graduate Careers Advisory Services “What do graduates do?” 2021/22 survey reports the following:

• 59.6% of Economics graduates are working full-time within 15 months after graduation.
• 8.6% proceed to further study full-time
• Of those employed, 59.3% work as Business and Finance professionals.

Let’s zoom in and check out graduate destinations from some of the Top Economics schools in the UK. 

Where Do Cambridge Economics Graduates Go? 

Discover Uni reports that 89% of Cambridge Economics graduates work or study further within 15 months after graduation. They enjoy an average entry-level salary of £42,000.

Many Cambridge Economics graduates go on to work in a variety of occupations, such as:

• Professional Economists
• Consultancy
• Accountancy 

Where Do Oxford Economics and Management Graduates Go? 

Do you know that Oxford Economics and Management graduates are highly sought after by employers? Graduates have secured positions in the following:

• Civil Service 

Where Do St Andrews Economics Graduates Go? 

90% of St Andrews Economics graduates proceed to work or further study within 15 months after graduation. So what’s their average entry-level salary? £28,000.

What are the popular career destinations for recent St Andrews Economics graduates?

• Economics Consultancy
• Management Consultancy
• Business Intelligence Analysis
• Accountancy
• Broadcasting and Journalism
• Research Analysis
• Risk Management
• Financial Services Analysis

Can You Do Economics at Uni Without Maths? 

No, you can’t. Some universities, such as the University of St Andrews, may accept applications without Maths at A-Level. 

But St Andrews stated that you must be able to demonstrate mathematical ability. And having finished advanced Mathematics in school is preferred. 

You can’t do Economics without Maths because Economics is heavy in mathematics and statistics. 

If you’re horrified at the prospect of taking Maths at A-Level, there’s a huge possibility you won’t enjoy Economics at the university!

It’s worth checking out what you learn in a-level economics to see if it’s worth taking Maths to enhance your chances.

Is Economics a Good Major?

Do you know that Economics, along with other business subjects, has a higher full-time employment rate than the average across all other subjects? 

After all, 59.6% of Economics graduates worked full-time within 15 months after graduation. What’s the average salary of Economics graduates who didn’t undergo significant further study? £29,912

Economics also makes better entry-level money compared to Business and Management Studies (£24,135-£25,914) and Marketing (£22,638.)

What Can You Do With an Economics Degree? 

Do you want to learn more about what you can do with an Economics degree? Then, you may want to check out “What Can You Do With An Economics Degree?”

If you’re looking to study economics, there are a few essential A-Level subjects you’ll need to take. Mathematics is one of them – it’s a standard essential for many economics courses.

So if you’re interested in this field, get started on your maths studies early for better preparation!

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All about A level Economics – course information

What’s a level economics about.

A level Economics is divided into two parts: Microeconomics and Macroeconomics. Microeconomics explores the concept of an ideal free market economy, based on  perfect competition, and compares it with the complexity and inefficiency of real modern market phenomena. Macroeconomics looks at economics from a national point of view and explores themes like Inequality, Unemployment and Immigration, Economic Growth and Trade/Budget deficits. It also considers the trade-offs that governments face as they try to resolve problems such as the financial crisis of 2008. Economics A level also explores themes in behavioural economics, which is the fast-emerging counterpoint to the 'ideal behaviour' ideas on which classical economics is based.

After doing an A level in Economics, you will understand the assumptions behind economic terms such as 'free markets', which increasingly dominate political debate. You will realise the bluntness of economic policy tools and the extent to which economic concepts and methods help us understand and tackle issues such as climate change, inequality, and racism. You will discover that many popular ‘economic arguments’ are actually political arguments couched in economic terms. You will then be equipped to reason out and debate the merits and demerits of each argument and to choose an option that suits your own beliefs.

A good A level economics student  will  realise that almost all economic decisions are fraught with uncertainty and subject to the 'law of unintended consequences'. It will enable her or him to separate truthful people from snake-oil salesmen. Isn’t that a worthwhile skill to have?

What sort of work is involved?

A level Economics requires logical thinking, and a command of Maths to good GCSE level. It's also a subject which requires social awareness and which develops the ability to debate, both in class and on paper. There's often no right or wrong answer when it comes to Macroeconomics, so you need to be able to present arguments clearly, supported by relevant examples.

You can't rely entirely on your textbook. Economics is the life-blood of political debate, and you need to keep up to date, following news online and in print  to pick up on economic, political, business and social issues.

What background do I need?

You don't need any prior knowledge of economics in order to start an A level Economics course but you do need to be good at both English and Maths: with C grades at GCSE you may well find Economics very demanding. You need to have a real curiosity about the world, to think logically and you must have a desire to debate issues based on evidence.

An A Level Economics course can combine well with a range of other A levels, across the whole spectrum from sciences to arts subjects.

Where can it lead?

As well as leading into Economics-based degrees, A level Economics is a good background to a wide range of other degrees. Be aware that top Economics degree courses may well also require A level Maths.  A level Economics is well respected for the breadth you need to show in order to get a good grade

One year course?

Yes, but only if you are a self motivated student  with good post GCSE experience. Because A level Economics requires an awareness of current affairs and human behaviour, and makes demands of both writing and numeracy skills, inexperienced students find a compressed course very challenging.

A level Economics is a 'linear' subject, assessed entirely by end-of-course exams. Here's a brief description of the AQA exam board 's assessment scheme.

• Paper 1 Markets and market failure (microeconomic issues). A section of data response questions, and a section of  essay questions (choose 1 from 3)
• Paper 2 National and international economy . (macroeconomic issues) Same question structure as paper 1
• Paper 3 Economic principles and issues (a synoptic paper which can test any part of the A level). A section of multiple choice questions followed by a section of case study questions.

This article was written by Girish Menon of Cambridge Centre for Sixth-form Studies

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Economics A-Level: Paper 1, 2 & 3 Essay Plans

Last updated

3 June 2023

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Edexcel Economics A-level: Paper 3 Essay Plans

Edexcel Economics A-level: Paper 1 Essay Plans

Edexcel Economics A-level: Paper 2 Essay Plans

A collection of three essay plan documents that aim to help you achieve an A* in your economics A-level. Each document has essay plans answering multiple questions that may appear in your paper. Each essay plan is detailed with the specific chains of analysis, knowledge and real world economic examples. Please note, the essay plans provide a framework so that you can apply the points to a series of questions and paper themes, rather than covering every single question that could come up. It does, however, provide many questions that do tend to come up in exams. These essay plans also provide ideal points for 8, 12 and 15 markers, helping you ace the whole paper.

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• What A-Levels Do I Need To Study Economics?

Last Updated: 21st January 2022

Author: Chloe Hewitt

Table of Contents

Knowing what A-Levels are needed to secure your place is essential for those wishing to apply for Economics at a top university.

In this guide, we will go through the A-Levels to help bolster your chances of securing your dream place.

essential A-Levels For Economics

Not many colleges or sixth forms offer the option to study Economics at A-Level. Therefore, it will unlikely form a part of an offer you receive. You will be looking for strong grades in Mathematics mainly. Subjects such as Statistics and Business will also be helpful in your application.

Entry requirements range from CCC at London Metropolitan University to A*A*A at Cambridge, with universities commonly asking for AAB.

With Economics not a requirement at A-Level, you are not restricting your options if you are undecided on what you wish to study at university.

• [Day In The Life] Economics Student At London School Of Economics

However, this doesn’t mean you shouldn’t take it if it’s an option at your college or sixth form, as it will allow you to get a taste of what’s coming in the next three years.

Maths is one of the most important subjects for an Economics application, but it is not always a requirement. The University of Birmingham is one such example; you can apply without A-Level Mathematics and should expect to receive an offer of AAA compared with AAB for candidates with Mathematics.

Anyone accepted to the University of Birmingham without A-Level Mathematics will have to take the Introduction to Mathematics for Economics in the first year.

Other typical A-Levels taken by Economics students include Further Mathematics, History and Statistics.

The nature of an Economics degree means you will be covering lots of different subjects and then linking them back to economics. Transferable skills will be learnt as you gain an appreciation of Politics, Law, Finance, Geography, History, and Globalisation.

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Discover our  Oxbridge Economics Premium Programme today to learn how you can enrol and triple your chances of success .

Economics A-Level Requirements At Cambridge

Students applying to study Economics at Cambridge will likely receive the highest-grade requirements of A*A*A.

Offers to Cambridge Economics candidates are typically conditional on achieving an A* for A-Level Mathematics.

A-Level Mathematics is a requirement by all colleges. Some colleges have additional requirements to consider, such as Murray Edwards requiring an A* in Mathematics or Further Mathematics and an A* in Economics (if taken).

It is necessary to check any college-specific requirements when choosing your A-Levels so that you know you have a chance of being accepted into your preferred college.

• [Day In The Life] Cambridge Economics Student

This emphasis on Mathematics reflects that the Cambridge Economics course is rigorous and uses mathematical models to analyse economic problems. It is, therefore, essential that you are proficient in Mathematics.

Considering the mathematical and statistical contents of the Economics course, taking Further Mathematics at A-Level is very useful. You will benefit from choosing Pure Maths and Statistics modules – rather than Mechanics or Decision Maths. In previous years, the most successful Economics applicants studied A-Level Further Maths.

Although A-Level Economics is not required, it is helpful because it familiarises you with some of the basic principles and terminology. If Economics is not offered, you could take Geography or Business Studies, although the latter should only be considered if Economics is not available.

• What Careers Can I Do With An Economics Degree?

Previous applicants who received an offer usually did at least four A-Level subjects. The ability to cope with a high workload is important since studying at Cambridge is intensive. The Economics course’s broad nature means that the sciences and essay-based subjects such as History are practical as facilitating subjects.

Most colleges have a strong preference for academic subjects. They may not count more vocational subjects (e.g., Accounting) in this respect, with the exception previously mentioned regarding Business Studies, which is only accepted if Economics is not available.

A Freedom of Information request submitted against Cambridge clearly shows the A-Levels applicants studied between 2015 and 2020, the results they achieved, and whether or not they received an offer to study at Cambridge.  From this, it is clear to see which subjects are overwhelmingly favoured. 

If you doubt whether your combination of A-Levels will be regarded as acceptable. In that case, you can discuss this with the Admissions Tutor or Director of Studies in Economics of your preferred college before applying.

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Economics A-Level Requirements At Oxford

Candidates applying to study Economics at Oxford usually receive an offer of A*AA including A-Level Mathematics at grade A or above.

A Freedom of Information submitted against Oxford provides admissions statistics for 2021 entry or 2022 deferred entry, this data shows the number of A*s applicants had with the majority having 3. 

Further to this, Oxford wants you to be able to show an interest in and motivation for studying the organisation of business and the economy.

• What is Economics and Management at Oxford Like?

You also need to demonstrate independence and flexibility of mind, which is in keeping with the kind of jobs you might find yourself in, which can feature a lot of independent working and require motivation and determination to manage your time effectively.

Other key skills that Oxford looks for you to possess include an ability to analyse and solve problems logically and critically – and such a capacity to contrast and critically assess arguments.

As previously mentioned, Economics at A-Level is not a requirement, but if it is an option available to you, it is preferred that you study it over other subjects.

With the Management aspect of the Economics and Management course at Oxford, you, similarly, do not have to have studied Business at A-Level. Business is typically an unfavoured subject by the university, and it is best to avoid it along with General Studies and Critical Thinking.

• Successful Personal Statement For Economics & Management At Oxford

As mentioned, Mathematics is essential to studying Economics at Oxford; however, unlike at Cambridge, Further Mathematics is not considered a subject requirement. So please do not feel like you must take it or that it will boost your chances of being accepted.

What is more important is taking subjects that will best facilitate the course, such as History or English Literature, to demonstrate essay writing abilities.

Subjects such as Geography and Politics will likely be beneficial for the Management half of the course and should be considered as facilitating subjects

For those wishing to study Economics at university, it is important that you have an aptitude for Mathematics. Although it is possible to be accepted without Maths, your introduction to Economics will be a lot easier if you have studied it.

With just 5.5% of Oxford applicants and 10.9% of those who apply to Cambridge being accepted, choosing the right A-Levels and achieving the highest grades in them is of the utmost importance. 

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AS and A-level Economics

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• Introduction
• Specification at a glance
• 3.1 The operation of markets and market failure
• 3.2 The national economy in a global context
• 4.1 Individuals, firms, markets and market failure
• 4.2 The national and international economy
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• General administration
• Annex: Quantitative skills in Economics

Subject Content – A-level

The specification is split into two main sections, the first section introduces students to microeconomic issues and the second section covers mainly macroeconomic issues. However, students should appreciate that microeconomics and macroeconomics are not entirely distinct areas of study. For example, microeconomic principles often provide fundamental insights into understanding aspects of the macroeconomy. Similarly, economic issues and problems often contain both a microeconomic and macroeconomic dimension.

Students will be assessed through three examination papers. The first paper will examine mainly the topics that are outlined in Section 4.1 of the specification but economic principles included in Section 4.2 of the specification may also enrich a student’s response to some questions. Similarly, the second paper will examine mainly the topics that are outlined in Section 4.2 of the specification but may draw on economic principles from Section 4.1. The third paper will include topics from both sections of the specification and students, particularly when answering questions linked to the case study, will be expected to recognise when it is appropriate to use microeconomic and/or macroeconomic models.

Students will be expected to acquire competence in quantitative skills that are relevant to the subject content and be familiar with the various types of statistical and other data which are commonly used by economists. They should be able to make relevant calculations from economic data and be able to interpret data presented in the form of index numbers. Examples of other relevant quantitative skills include: the construction and use of graphs and the application of statistical measures such as the mean, median and relevant quantiles.

When delivering this specification, teachers should provide students with the opportunity to explore the disagreements that exist between economists and current economic controversies. During their course of study, they should come to appreciate why such disagreements exist and the basis upon which judgements are made. They will be assessed on their ability to use both quantitative and qualitative evidence to evaluate arguments and to support judgements relating to economic issues and problems.

Students should be encouraged to develop a critical approach to economic models and methods of enquiry. They should appreciate that value judgements play an important role in economic decision making. They should understand the methodology of economics and the role of evidence whilst recognising that economics is a social science and that people’s behaviour is not necessarily rational or predictable.

It is expected that students will acquire a good knowledge of trends and developments in the economy which have taken place over the past fifteen years and also have an awareness of earlier events where this helps to give recent developments a longer term perspective.

How Hard is A-Level Economics?

In A-Level by Think Student Editor January 8, 2020 5 Comments

Whether you’re an aspiring economist, a maths genius, or a business boffin, A-Level Economics is a great subject to take. Further education and a bright future lay ahead for economics students.

The one question every student wants to ask, how hard actually is A-Level Economics? Well, lucky for you, I’ve written this article just to explain the answer to that very question. However, if you’re just looking for the short answer, here it is:

A-Level Economics isn’t too difficult in the grand scheme of things, but there are a few things to look out for. Specific essay structure is needed to ensure top marks, and to be able to succeed in the exam you really need to know your stuff. However, if you can master these two elements of A-Level Economics, you should pass with flying colours .

Table of Contents

How Much Content Is There In A-Level Economics?

You’ll go through the basics of economics in the first year, and then do it again (but in more depth) in your second year .

That means that you’ll learn most of what you need to know in year 1, and then you’ll have time to revise and develop that information in your second year.

Generally, the second year of any A-Level is harder than the first year. This is especially true for A-Level Economics, as the second year requires you to actually apply what you know to all sorts of situations.

The good thing is, many areas of both microeconomics and macroeconomics coincide with each other. That makes your life a whole lot easier, as you don’t have to spend as long revising lots of different areas.

There isn’t actually that much content in A-Level Economics, especially compared to other A-Levels. As long as you can understand it all, you should be A okay.

How Difficult Is The Content In A-Level Economics?

Most of the content is fairly self-explanatory – paying attention and a bit of common sense will get you far . The actual content in A-Level Economics isn’t too bad, as long as you have a small understanding of the working world.

The only difficult part is actually using what you know. Being able to apply your economics knowledge to exam questions and essays is a whole different ball game.

This is what many students struggle with, and is potentially the hardest aspect of A-Level Economics. I took A-Level Economics when I was in college, and this is what I struggled the most with.

Both macroeconomics and microeconomics are fairly self-explanatory, as long as you’re willing to put in a few hours every week to revise the knowledge .

Microeconomics focuses on individuals and business decisions, whereas macroeconomics focuses more on the decisions made by countries and governments.

What Are  The  Minimum Requirements For Me To Study A-Level Economics?

A-Level Economics demands at least a grade C (4) in both GCSE English and GCSE Maths . Without these grades, you’ll find that this A-Level becomes very demanding.

The reason you need these grades is because you need to be able to cope with the amount of work A-Level Economics will ask of you.

There’s much writing involved, and you’ll only be able to keep up if you’re competent in both english  and  maths. Too many students have failed A-Level Economics because of their inability to communicate effectively – but more on that later.

You also need certain qualities if you want to excel in A-Level Economics. You need to be able to think logically and critically, and you must have a passion for debating issues with evidence.

These qualities will get you far in most any A-Level, but especially in A-Level Economics .

How Hard Is A-Level Economics Compared  To  GCSE Economics?

To answer that question, we need to take a look at the pass rates for both A-Level Economics and GCSE Economics.  In 2019, 98.3% of students passed the A-Level, but only 81.6% of students passed the GCSE .

This may make it seem like GCSE Economics is much harder than A-Level Economics, but that is not the case. There are many reasons why these pass rates are so different, so lets have a look at a few now.

Firstly, GCSEs are harder to individually revise for than A-Levels because of how many you have to take.  This leads to students having a preference for some exams over others, meaning GCSE economics can sometimes be neglected .

Additionally, it’s common for students to care less about their GCSE than their A-Levels. Many students end up taking GCSEs that they didn’t want, whereas A-Levels are more refined to your choice.

So, don’t be fooled by these pass rates! If you want my opinion, A-Level Economics  is  harder than GCSE Economics, but not by much. As long as you’ve got a real interest for the subject, you should be fine.

How Hard Are A-Level Economics Exams?

I’d say as long as you can understand what the examiners want from you, you won’t find the exams too hard. As long as you’ve got the paragraph structure and content down, you’ll be alright.

This is, however, the hardest part of any A-Level Economics exam . Getting that exam technique down can be tricky, as it’s not the same as other A-Levels you might be taking.

The content shouldn’t be as tricky to get your head around, though. As I said earlier, as long as you’ve got a genuine interest for the subject, you should be absolutely fine.

If you don’t have a genuine interest in Economics, however, you’ll find the exams more difficult than you’d think.  A lack of interest in the content can make it harder for you to apply yourself to learning the exam technique, resulting in harder exams.

What A-Levels Go Well With A-Level Economics?

One of the best combinations for A-Level Economics is A-Level Maths, and A-Level Business Studies . These A-Levels pair incredibly well together, and are sure to make your student life a whole lot easier.

A lot of the content between A-Level Business Studies and A-Level Economics is shared, so taking both of these A-Levels together will, in turn, make both of them easier.

A-Level Business Studies, however, can be switched out for other subject like A-Level Accounting or A-Level Law. Anything that is linked to business is a great pick alongside A-Level Economics.

I’d definitely keep A-Level Maths, however. It’s a great A-Level to have, as universities love it. A-Level Maths also looks great on your CV, especially when paired with A-Level Economics.

What Do A-Level Economics Students Say?

The more interested you are in something, the more likely you are to apply yourself to the subject.  This is true for A-Level Economics , just as it is for every A-Level.

So, as long as you think you’d be interested in this A-Level, your grades won’t suffer. That is, as long as you’re prepared to put in the work an A-Level requires of you.

There are two main skills you’ll need for A-Level Economics: maths, and english. The maths aspect of A-Level Economics is fairly simple, similar to GCSE Maths in terms of difficulty. ( Made even easier if you take A-Level Maths too ).

The english skills aspect of A-Level Economics is a little bit harder. There is a meticulous structure you need for your essays and exam answers, that without, you won’t get any marks.

This technique is fairly hard to get down, but once you’ve got it, A-Level Economics is a breeze.

very helpfull advice i now aspire to be economical

Thank you! Very helpful article.

Do you feel as though A-level Economics and A-level politics are a good combination as well because I’m leaning more towards those two

yes by experience they are really good pair and universities look to pair them together

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The information below is designed to help our prospective applicants who may have queries ranging from preferred subject combinations, our stance on retakes, and the manner in which we assess the information presented in your application.

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Subject combinations

Introduction As the majority of our applicants apply with A-levels, this guidance is written primarily towards that audience. However, the information contained is relevant to students offering any qualification. If you are unsure how this guidance applies to your qualification, please contact the  Undergraduate Admissions Office . Note that where specific guidance regarding the suitability of a particular subject/subject combination is given on the entry requirements pages of  Information for international students , that guidance supersedes the more general guidance given below. Subject combinations and non-preferred subjects The School considers not only the individual qualifications offered by applicants but also the combination of subjects offered. Individual degree programmes may have specific subject requirements or preferences which are listed in the admissions criteria for each individual programme. We also have a number of general policies, listed below. We consider traditional academic subjects to be the best preparation for studying at LSE. We expect applicants to offer at least two full A-levels or IBDP Higher Levels in these subjects (although typically, applicants will apply with three or four); please see the list below for guidance. Some subjects provide a less effective preparation for study at LSE. We refer to these as non-preferred subjects; please see the list below for guidance. These subjects should only be offered in combination with two traditional academic subjects. Finally, there are a small number of A-levels which are normally excluded from our standard offer; please see the list below. Applicants should offer three full A-levels or equivalent alongside these subjects. Common traditional academic/'generally preferred' subjects:

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• Further Mathematics*
• Government and Politics
• Languages: Modern Foreign, Classic and Community**
• Mathematics
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Common "non-preferred" subjects:

• Any Applied A-level
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• Art and Design
• Business Studies
• Citizenship Studies
• Communication and Culture
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Normally excluded subjects:

• Critical Thinking
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• Knowledge and Enquiry
• Project Work
• Thinking Skills

If you would like information about the suitability of a subject which does not appear on these lists, please contact the  Undergraduate Admissions Office .

* See the Mathematics and Further Mathematics section below.

** See Language Qualifications information on the Entry Requirements webpage

*** The Departments of Anthropology, International History, International Relations, Social Policy and Sociology consider Drama and Theatre Studies equally with other generally preferred subjects. Therefore, they will consider Drama and Theatre Studies alongside one other subject from the non-preferred list. However, the majority of departments continue to regard Drama and Theatre Studies as a non-preferred subject.

**** The Department of Accounting considers Accounting equally with other generally preferred subjects. Therefore, they will consider Accounting alongside one other subject from the non-preferred list. However, the majority of departments continue to regard Accounting as a non-preferred subject.

Essay based A-Level subjects:

• Art History
• Business Studies 
• English Literature
• English Language
• English Language and Literature (Combined)
• Environmental Studies
• Modern Languages
• Modern Studies

The combination of subjects studied, in conjunction with the level of competition for the programme, may sometimes result in those offering three (or more) preferred subjects being deemed as less competitive by the Academic Selector on the basis of their subject combination.

Overlapping subjects

Many of the undergraduate programmes at LSE are multi-disciplinary and for this reason we consider a broad mix of traditional subjects to be the best preparation for study. A broad academic background will provide the skills to perform well in any of the challenging programmes at LSE. Students offering a narrow range of subjects may be at a disadvantage compared to those offering a broader combination. Examples of narrow subject combinations might be Economics, Business Studies and one other or English Language, English Literature and one other. Please also refer to the subject combination guidance on our programme pages and the Mathematics and Further Mathematics section below.

Core Mathematics

Core Maths is a generic title for a range of different Level 3 mathematical qualifications; it is not a qualification title in itself.

For the qualification titles see below:

• AQA Certificate in Mathematical Studies
• City & Guilds Certificate in Using and Applying Mathematics
• OCR (MEI)* Certificate in Quantitative Problem Solving
• OCR (MEI)* Certificate in Quantitative Reasoning
• Pearson Edexcel Certificate in Mathematics in Context
• WJEC Eduqas Certificate in Mathematics for Work and Life

*MEI: Mathematics in Education and Industry

The key purpose of Core Maths qualifications is to widen participation in the study of mathematics from age 16 and to support the development of mathematical skills for progression to higher education and employment.  The qualifications offer an opportunity for students not studying AS or A-level mathematics to study a Level 3 mathematics course alongside their main programme of study. Core Maths is available to those with grade C/4 or above at GCSE and is based on GCSE content with 25% new material.

Core Maths may add value to an application, similar to the EPQ, in particular where the programme has a specific mathematical content but does not require a specific maths qualification e.g. Psychology or Geography. 

Core Maths cannot be used as a replacement for A level Maths (or equivalent qualifications) for programmes with a maths A level requirement.

Core Maths can be considered as an alternative way to meet the standard LSE GCSE maths requirement (Grade B/6).

Mathematics and Further Mathematics

Some degree programmes at the School are highly mathematical in content and therefore Mathematics A-level or equivalent is a requirement. A number of programmes also require a qualification in Further Mathematics (where available), or consider one helpful. However, the combination of Mathematics, Further Mathematics plus one other subject is considered insufficiently broad for many of our programmes. Please refer to the degree programme pages and/or the table below for details on Further Mathematics and its acceptability for each programme. We are aware that not everyone has the opportunity to follow a Further Mathematics programme and find it helpful if applicants and/or their referees can indicate whether or not the applicant’s school or college offers Further Mathematics classes. For programmes requiring A* in Mathematics A-level, an A* in Further Mathematics in addition to an A grade in Mathematics is an acceptable alternative.

*  BSc Accounting and Finance and BSc Management prefer an essay writing subject but will consider other combinations.

Changes to International Baccalaureate Diploma Mathematics Courses from September 2019

IBO revised their Mathematics curriculum in September 2019, introducing two new subjects ; Mathematics: analysis and approaches  and  Mathematics: applications and interpretation . 

Additional information is available on our Entry Requirements page. 

• For programmes requiring Further Maths A-level (for example BSc Financial Mathematics and Statistics, BSc Mathematics and Economics)  Mathematics: analysis and approaches at Higher Level   will be   a requirement.
• For programmes where Further Maths is strongly preferred (for example, BSc Economics, BSc Finance) we would strongly prefer  Mathematics: analysis and approaches at Higher Level however we would still consider both streams for admissions purposes.
• For other programmes where A-level Maths is a requirement (for example, BSc Management) then either stream at Higher Level would be acceptable.

Test of Mathematics for University Admissions (TMUA)

Which LSE programmes use the TMUA in their selection process?

For these two programmes for September 2025 entry taking the TMUA is mandatory – all applicants are required to take the test.

• BSc Economics
• BSc Econometrics and Mathematical Economics

For these eight programmes for September 2025 entry taking the TMUA is recommended but not mandatory – applicants are encouraged to take the test and a good score may make an application more competitive.

• BSc Mathematics and Economics
• BSc Mathematics with Economics
• BSc Financial Mathematics and Statistics
• BSc Mathematics with Data Science
• BSc Mathematics, Statistics, and Business
• BSc Data Science
• BSc Actuarial Science
• BSc Actuarial Science (with a placement year)

For more information please see our TMUA guidance .

Given the competition for places and the nature of assessment at LSE, we prefer students who have achieved high grades in their first attempt (and in one sitting) at relevant examinations. If extenuating circumstances have impacted your exam performance, you should include details of these in your application.

Mature applicants

LSE welcomes applications from older students and values the contribution they make to the School community. LSE also has a large proportion of postgraduate students. This means that the student population at LSE is rather older on average than at many other universities; older undergraduates should not feel out of place. Information for mature applicants .

Contextual Admissions

For applicants from the UK who are eligible for Home tuition fees, contextual information is used to gain a more complete picture of the educational and individual context of an applicant. This allows our admissions selectors to assess achievement and potential whilst recognising the challenges an applicant may have faced in their educational or individual circumstances.

You do not need to do anything in addition to the standard UCAS application, your application will automatically have the contextual information added when we receive it.

What contextual information is used?

The following nine pieces of contextual information will be flagged for the attention of the admissions selector:

1. Care experienced (This means you will have spent time living with foster carers under local authority care, in residential care (e.g. a children’s home), looked after at home under a supervision order, or in kinship care with relatives or friends, either officially (e.g. a special guardianship order) or informally without local authority support). This information is self-declared on the UCAS form and verified at a later stage.

2. The performance of the school/college where the applicant took their GCSEs (or equivalent qualification). Specifically, where the school’s or college’s performance is below the national average.

3. The performance of the school/college where the applicant took their A-levels (or equivalent qualification). Specifically, where the school’s or college’s performance is below the national average.

4. The home postcode of the applicant is compared against the POLAR 4 dataset. The Office for Students (OfS) assess how likely young people from different postcodes are to progress to Higher Education. We will flag applicants with postcodes in quintiles 1 and 2 (the 40 per cent least likely to progress to Higher Education). The Office for Students has a POLAR 4  postcode checker  on their website.

5. The home postcode of the applicant is compared against the IMD (Indices of Multiple Deprivation) dataset. We will flag applicants with postcodes in quintiles 1 and 2 (the 40 per cent most deprived areas). The UK Government has this  postcode checker  for English postcodes on their website. For the IMD classification of Northern Irish postcodes see this  postcode checker ; for the IMD classification of Scottish postcodes see this  postcode checker ; and for the IMD classification of Welsh postcodes see this  postcode checker .

6. The home postcode of the applicant is compared to CACI’s Acorn dataset. CACI classifies postcodes according to a range of socio-demographic indicators. We will flag applicants with postcodes in Acorn types 40 and above.

7. Participation in an intensive LSE Widening Participation (WP) programme. We will flag applicants who have completed LSE Springboard, LSE Thrive, LSE Pathways to Law or LSE Pathways to Banking and Finance.

8. Participation in any Sutton Trust Pathways programme at any UK university. This includes Pathways to Engineering, Pathways to Medicine, Pathways to Law (in-person or online), Pathways to Banking and Finance (in-person or online), and Pathways to Consulting online.

9. Where a student is known to have been eligible for Free School Meals (FSM) in the previous six years.

10. Other individual circumstances that may have disrupted or adversely affected an applicant’s education and achievement, as outlined in an  Extenuating Circumstances Form .

How is contextual information used?

Applicants who have been flagged for the attention of the admissions selector will receive additional consideration.The selector may use this information in the following ways:

- to make an applicant a standard offer where the applicant’s academic record (eg, GCSEs/AS levels or equivalent) or personal statement may be marginally less competitive than the cohort overall

- to make an applicant a standard offer where the applicant is predicted marginally below the usual entry requirements

- when making confirmation decisions for offer holders that have marginally failed to meet the entry criteria (usually this means one grade below the standard entry requirements).

Eligible students (students flagged with a home postcode that is classified as POLAR4 Quintile 1 or IMD Quintile 1, as a care leaver, or a participant in a specified LSE WP programme or a Sutton Trust Pathways programme), may be considered for a  contextual offer.  The contextual offer will be one grade lower than the standard offer for the programme (with the exception of LLB Laws, BA/BSc Anthropology, BA Geography, BSc Geography with Economics, BSc Environment and Development, BSc Environmental Policy with Economics, and BSc International Social and Public Policy, where the contextual offer will be 2 grades lower than the standard offer). Any mathematics requirement must still be met. All academic departments are participating in the contextual offer scheme.

The contextual offer grades are listed alongside the standard offer A-level and IB entry requirements on the relevant  programme pages . 

Contextual information is used as part of the holistic admissions assessment and applicants are assessed alongside all other similar applicants, therefore having a contextual flag does not guarantee that an offer will be made.

Information regarding use of GCSE and equivalent qualifications

If you have taken GCSEs or equivalent qualifications, these will be taken into account when we assess your application. All applicants who have taken GCSEs/iGCSEs are expected to have at least grade B/grade 6 in GCSE English Language and Mathematics or the equivalent. For some programmes this may be higher. Exceptions are made for applicants with extenuating circumstances. As competition for places at LSE is intense, we look for applicants who have achieved highly at GCSE (multiple A or A*/8-9 grades), particularly within the context of their school. If you have not taken GCSEs or iGCSEs, you will not be disadvantaged. The assessors will refer to the equivalent qualification in the curriculum that you have studied (if applicable) and consult the information provided by your UCAS referee to gain an understanding of your education history. 

Undergraduate Admissions Assessment (UGAA)

LSE requires students who study certain qualifications to complete the Undergraduate Admissions Assessment (UGAA) before a final decision can be made on their application. Only the most competitive applicants with these qualifications are invited to sit the assessment. Applicants cannot request to sit the assessment and invitations will be sent on a rolling basis from January. Further information about the UGAA

Find your degree Choose from over 40 undergraduate degrees across the social sciences

Information for UK students Read our advice and guidance for prospective Home/UK students

Information for international students Entry requirements for students studying outside of the UK

Entry requirements Accepted qualifications and the grades we're looking for

Completing the UCAS form How to complete the UCAS form and which supporting documents to provide

Personal Statement Advice on preparing and writing your personal statement

UCAS reference Information for teachers and schools

Additional Information Our policy on providing supporting documents as part of your application

Arts Sciences

• Preferred A Levels

Preferred UK GCE A Levels for Arts and Sciences

• Subjects marked with an asterisk (*) will only be counted as an essay-based subject if there is a minimum 50% essay-based or written response assessment as part of the overall award. This may vary by exam board so please contact us if you have any queries about this.
• Mathematics and Further Mathematics can be considered as two separate A Levels.
• If a student takes an A Level in their native language, it is at the discretion of UCL as to whether this will be considered as a 'humanities' A Level for the purposes of Arts and Sciences (BASc). Please contact us if you have a specific query.
• UCAS Y000 - BASc Arts and Sciences (3 years)
• UCAS Y001 - BASc Arts and Sciences with Study Abroad (4 years)
• Study Abroad at UCL (Affiliate/Exchange students)

Essential Links

• How to Apply
• Register your interest in UCL
• Visiting UCL
• International Students
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• Accommodation

To Fight Inequality, America Needs to Rethink Its Economic Model

F or decades, economic policy in most liberal democracies has been premised on two core beliefs: that free markets would maximize economic growth, and that we could address inequality through redistribution.

The recent revival of industrial policy, championed by President Biden, is a clear repudiation of the first of these beliefs. It reflects a growing recognition among economists that state intervention to shape markets and steer investment is crucial for fostering innovation, protecting strategically important sectors like semi-conductors, and tackling the climate emergency.

But we must also reassess the second belief—that taxes and transfers alone can address the vast inequalities that have brought American democracy to such a perilous juncture. Doing so will lead us towards a more fundamental rethink of our economic institutions, and the values that guide them.

This is partly a pragmatic response to economic reality. The massive increase in inequality since the 1980s in America was mostly driven not by a reduction in redistribution, but by the growing gap in earnings between low skill workers, whose wages have suffered an unprecedented period of stagnation, and college-educated professionals whose salaries have continued to soar. And while inequality has increased in most advanced economies, that it is so much higher in the U.S. compared to Europe is mostly the result of bigger gaps in earnings than lower levels of redistribution. In other words, even if America were to increase the generosity of the welfare state to European levels it would still be much more unequal.

But the need to look beyond redistribution is about more than economics, it is about resisting the narrow focus on money that dominates most debates about inequality, and the tendency to reduce our interests as citizens to those of consumers. While government transfers are essential for making sure that everyone can meet their basic needs, simply topping up people’s incomes fails to recognize the importance of work as a source of independence, identity, and community, and does nothing to address the insecurity faced by gig-economy workers, or the constant surveillance of employees in Amazon warehouses.

This is not purely a moral issue. According to a recent paper by economists at Columbia and Princeton, the Democratic Party’s shift towards a “compensate the losers ” strategy in the 1970s and 1980s—taxing high earners to fund welfare payments to the poor—played a key role in driving away less educated voters, who disproportionately support “pre-redistributive” policies like higher minimum wages and stronger unions.

Things are moving in the right direction. President Biden has put “good jobs” at the centre of his economic agenda, claiming that “a job is about [a] lot more than a pay cheque. It’s about your dignity. It’s about respect.” Leading economists such as Dani Rodrik at Harvard and Daron Acemoglu at the Massachusetts Institute of Technology’s have started to challenge the prevailing orthodoxy that such jobs are an inevitable by-product of a well-functioning market economy. This shift of focus towards the production or supply side of the economy has been variously termed “ productivism ”, “ modern supply-side economics ” and “ supply-side progressivism .”

Read More: Why Joe Biden is Running on the Economy

And yet, to grasp the full potential of these ideas we must look beyond economics to philosophy. Contemporary thinkers such as Michael Sandel and Elizabeth Anderson have done much to put questions about work back on the agenda. But for a systematic vision of a just society that recognizes the fundamental importance of work we should revisit the ideas of arguably the 20th-century’s greatest political philosopher, John Rawls—an early advocate for what we would now call “pre-distribution,” who argued that every citizen should have access to good jobs, a fair share of society’s wealth, and a say over how work is organized.

The publication of Rawls’s magnum opus A Theory of Justice in 1971 marks a watershed moment in the history of political thought, drawing favourable comparisons to the likes of John Stuart Mill, Immanuel Kant, even Plato. Rawls’s most famous idea is a thought experiment called the “original position.” If we want to know what a fair society would look like, he argued, we should imagine how we would choose to organize it if we didn’t know what our individual position would be—rich or poor, Black or white, Christian of Muslim— as if behind a “veil of ignorance.”

Our first priority would be to secure a set of “basic liberties,” such as free speech and the right to vote, that are the basis for individual freedom and civic equality.

When it comes to the economy, we would want “fair equality of opportunity,” and we would tolerate a degree of inequality so that people have incentives to work hard and innovate, making society richer overall. But rather than assuming that the benefits would trickle down to those at the bottom, Rawls argued that we would want to organize our economy so that the least well-off would be better off than under any alternative system—a concept he called the “difference principle.”

This principle has often been interpreted as justifying a fairly conventional strategy of taxing the rich and redistributing to the poor. But Rawls explicitly rejected “welfare state capitalism” in favour of what he called a “property-owning democracy.” Rather than simply topping up the incomes of the least well off, society should “put in the hands of citizens generally, and not only of a few, sufficient productive means for them to be fully cooperating members of society.”

Doing so is essential for individual dignity and self-respect, he argued, warning that “Lacking a sense of long-term security and the opportunity for meaningful work and occupation is not only destructive of citizens’ self-respect but of their sense that they are members of society and not simply caught in it. This leads to self-hatred, bitterness, and resentment” – feelings that could threaten the stability of liberal democracy itself. A focus on work is also necessary for maintaining a sense of reciprocity since every able citizen would be expected to contribute to society in return for a fair reward.

Rawls’s philosophy offers the kind of big picture vision that has been missing on the center-left for a generation—a unifying alternative to ‘identity politics’ grounded in the best of America’s political traditions. It also points towards a genuinely transformative economic programme that would address the concerns of long-neglected lower-income voters, not simply for higher incomes but for a chance to contribute to society and to be treated with respect.

At the heart of this vision is the idea that productive resources—both human capital (skills) and ownership of physical capital (like stocks and shares)—should be widely shared. People’s incomes would still depend on their individual effort and good fortune, but wages and profits would be more equal, and there would be less need for redistribution.

How might we bring this about?

First, we would need to ensure equal access to education, irrespective of family background. Sadly, the reality in America today is that children from the richest fifth of households are fivetimes more likely to get a college degree than those from the poorest fifth. Achieving true equality of opportunity is a generational challenge, but the direction should be towards universal early years education, school funding based on need rather than local wealth, and a higher education system where tuition subsidies and publicly-funded income-contingent loans guarantee access to all.

We also need to shift focus towards the more than half of the population who don’t get a four-year college degree. Our obsession with academic higher education—justified in part on the basis that this will generate growth, which in turn will benefit non-graduates—is simply the educational equivalent of trickle-down economics. At the very least, public subsidies should be made available on equal terms for those who want to follow a vocational route, as the U.K. is doing through the introduction of a Lifelong Learning Entitlement from 2025, providing every individual with financial support for four years of post-18 education, covering both long and short courses, and vocational and academic subjects.

Second, we must address the vastly unequal distribution of wealth . Thewealthiest 10 % of Americans have around 70 % of all personal wealth compared to roughly 2% the entire bottom half. Sensible policies like guaranteed minimum interest rates for small savers and tax breaks to encourage employee share ownership would encourage middle-class savings. But to shift the dial on wealth inequality we should be open to something more radical, like a universal minimum inheritance paid to each citizen at the age of eighteen, funded through progressive taxes on inheritance and wealth. If developments in AI push more income towards the owners of capital, something like this will become necessary.

Finally, we need to give workers real power to shape how companies are run. The idea that owners, or shareholders, should make these decisions is often treated as an immutable fact of economic life. But this “shareholder primacy” is neither natural nor inevitable about, and in most European countries employees have the right to elect representatives to company boards and to ‘works councils’ with a say over working conditions. This system of ‘co-management’ allows owners and worker to strike a balance between pursuing profit and all the other things we want from work – security, dignity, a sense of achievement, community – in a way that makes sense for a particular firm. The benefits of co-management appear to come at little or no cost in terms of profits or competitiveness, are popular with managers, and may even increase  business investment and productivity.

Critics will no doubt denounce these ideas as “socialism.” But as we have seen, they have impeccable liberal credentials, and are perfectly compatible with the dynamic market economy that is so vital both for individual freedom and economic prosperity. Neither are they somehow “un-American.” As Elizabeth Anderson has reminded us , America was the great hope of free market egalitarians from Adam Smith through to Abraham Lincoln, whose dreams of a society of small-scale independent producers were dashed by the industrial revolution, and would have been horrified by the hierarchy and subservience of contemporary capitalism. Rawls’s ideal of property-owning democracy can help us revive this vision for the 21 st century.

Still, even sympathetic readers might wonder whether there is any point talking about a new economic paradigm when the U.S. has failed even to raise the Federal minimum wage since 2009. But this would be to ignore the lessons of history. As the neoliberal era comes to an end, we should learn from its leading architects Milton Friedman and Friedrich Hayek, who were nothing if not bold, and saw their ideas go from heresy to orthodoxy in a single generation. As Friedman put it “Only a crisis — actual or perceived — produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around."

It often takes a generation or two before the ideas of truly great thinkers start to shape real politics. Now, for the first time since the publication of  A Theory of Justice  just over half a century ago, there is an urgent need and appetite for systematic political thinking on a scale that only a philosopher like Rawls can provide. In the face of widespread cynicism, even despair about the American project, his ideas offer a hopeful vision of the future whose time has come.

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