A-Level Economics vs. A-Level Business

A-Level qualifications are an important step for students looking to further their education and pursue a career in a specific field. Two popular options for students are A-Level Economics and A-Level Business. Both subjects offer a wide range of career opportunities and are valuable for students looking to pursue a career in finance, economics, or business. However, there are some key differences between the two subjects that students should consider when deciding which to study.

A-Level Economics

A-Level Economics is a social science that focuses on the allocation of resources within an economy. The course covers microeconomics, macroeconomics, and international trade.

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Overview of the course and curriculum

Microeconomics

In microeconomics, students will learn about the concept of supply and demand, and how they interact to determine the price and quantity of a good or service. They will also learn about elasticity, which measures the responsiveness of demand or supply to changes in price. Additionally, students will study market structures, including perfect competition, monopoly, oligopoly, and monopolistic competition. They will also learn about government intervention in markets and the role of price controls and taxes.

Macroeconomics

In macroeconomics, students will learn about different macroeconomic indicators such as GDP, inflation, and unemployment. They will also study the different macroeconomic policies that governments can use to influence the economy, such as monetary policy (managed by the central bank) and fiscal policy (taxes and government spending). They will also learn about the different macroeconomic theories such as Keynesian and classical economics.

International trade

In international trade, students will learn about the advantages and disadvantages of trade and the different trade policies that governments can use to influence trade such as tariffs, quotas, and subsidies. They will also learn about the different trade theories such as comparative advantage and the balance of trade.

The exam

In the exam, students may be asked to analyse and evaluate economic data, as well as apply economic theory to real-world situations. This will involve a combination of economic theory, real world examples, data and examples taken from extracts, diagrams to be drawn, formulae to remember and calculations.

We recommend having a look at this sample material from Edexcel A-Level Economics to get an idea of the types of exam questions and content you would cover in the course, such as:

• Evaluate the likely microeconomic impact of an increase in the UK national minimum wage.
• ‘Tradable permits are less effective than taxation in reducing carbon emissions.’ To what extent do you agree with this statement?

Skills developed through studying A-Level Economics

Studying A-Level Economics is an excellent way to develop a range of important skills that are valuable for a wide range of careers.

Analytical skills

Firstly, A-Level Economics develops analytical skills. The subject requires students to analyse and evaluate economic data, as well as apply economic theory to real-world situations. This involves breaking down complex economic concepts into smaller parts, and understanding how they relate to each other. This skill is valuable in many careers, particularly those in finance and economics.

Critical thinking

Secondly, A-Level Economics develops critical thinking skills. The subject requires students to question assumptions and evaluate different arguments. This means that students must be able to evaluate evidence, and make informed judgements. This skill is valuable in many careers, particularly those in research and analysis.

Data interpretation

Thirdly, A-Level Economics develops data interpretation skills. The subject requires students to understand and analyse economic data and statistics. This means that students must be able to understand and interpret charts, tables, and graphs, and use this data to make informed conclusions. This skill is valuable in many careers, particularly those in finance, economics, and data analysis.

A-Level Business

A-Level Business is a practical subject that focuses on the creation and management of goods and services. The course covers topics such as introduction to business, marketing, and operations management. Introduction to business covers the basic concepts of how businesses operate and how they make decisions. Marketing looks at how businesses promote and sell their products. Operations management looks at how businesses manage their resources to produce goods and services. By studying A-Level Business, students will develop entrepreneurial skills, business management skills, and marketing and sales skills.

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Overview of the course and curriculum

Each specification is different, and the overall structure depends on which exam board you are studying, but this guide will outline the main concepts which you will cover regardless of your exam board.

Introducing business

In introduction to business modules, students will learn about different types of businesses, such as sole traders, partnerships, and limited companies, and how they are set up and run. They will also learn about the different functions of a business, such as finance, marketing, and operations, and how they work together to achieve the business's goals. Additionally, students will study different business strategies, such as diversification, and how they can be used to achieve success.

Marketing

In marketing, students will learn about the different elements of the marketing mix, such as product, price, promotion, and place. They will also learn about the different marketing strategies, such as market segmentation, and how they can be used to target specific groups of customers. Additionally, students will study the different elements of the marketing mix, such as product, price, promotion, and place.

Operations management

In operations management, students will learn about the different processes and techniques used to manage the production of goods and services. They will also learn about the different types of production, such as make-to-stock and make-to-order, and how they can be used to achieve success. Additionally, students will study different operations management strategies, such as just-in-time, and how they can be used to achieve success.

The exam

In the exam, students may be asked to analsze and evaluate business data, as well as apply business theory to real-world situations. They may also be asked to explain and evaluate business strategies and policies. Some possible exam questions could include:

• Explain the difference between a sole trader and a limited company.
• Using a diagram, show how the four elements of the marketing mix work together to achieve success.
• Evaluate the effectiveness of a diversification strategy for a business.
• Analyse the impact of a change in interest rates on a business.
• Explain how a business can use operations management techniques to improve efficiency.

Take a look at this sample material from Edexcel A-Level Business to see some example past paper questions and mark schemes. But make sure to have a look at the specific exam board which you are considering taking as there may be variation between them

Skills developed through studying A-Level Business

1. Entrepreneurial skills

2. Business management skills

3. Marketing and sales skills

Career paths

People who study economics may be more likely to become economists, financial analysts or policy makers. Whilst those studying business may become entrepreneurs, managers or marketing professionals. However, you could go into any of these professions (and many more) from taking either Economics or Business.

Whilst some people suggest that universities value Economics more highly, this is not conclusive, and it would be difficult to find evidence either way. If you know which degree you would like to apply to then have a look at the subject requirements or recommendations on the Informed Choices website, or on the specific university’s website. However, you usually don’t need to have studied Economics or Business at A-Level to study either subject at degree level, and if you are set on this route it may be worth looking more closely at A-Level Maths.

We therefore recommend having a thorough look at the course content and any specific requirements of a chosen degree course to make your decision. For students struggling in either of the two subjects should go for A-Level tutoring because it is a great way to help students with their studies. It gives them one-on-one time with a tutor who knows a lot about the subject. This means students can ask questions and get help with the parts they find hard.

Final thoughts

Overall whether you want to study Economics or Business depends on whether you want to gain a bigger picture of the economy, or want to delve into more detail about businesses. If you are still completely unsure about which one to choose, we would recommend choosing Economics, as you cover some content about firm behaviour which relates to business, but also have a broader perspective looking at macroeconomic policies and government intervention.

Struggling with Business or Economics A-Level? TutorChase can connect you with hand-selected expert tutors who have achieved A*s in the subjects themselves. Have a look at our top A-Level Economics tutors and top A-Level Business tutors today to see who can help you achieve top grades today. Plus, explore our A-Level Economics Q&A Revision Notes to give yourself an additional edge.