The time has come around again...and now it is the turn of this year's Year 9 students to start thinking about their options for IGCSEs. As popular as ever, economics provides an excellent choice that complements all the other subjects, be they options or core subjects. Here's a little bit about what economics is, why you should think about choosing it, and maybe who should not select it!
What is economics?
Economics is a social science that deals with the production, distribution, and consumption of goods and services. It is a broad field that touches on almost every aspect of our lives, from the goods and services we consume to the jobs we hold and the money we earn. As such, economics is an incredibly important subject to study, and here are just a few reasons why:
- Economics helps us understand the world around us: By studying economics, we can gain a deeper understanding of the forces that shape our world, including the factors that influence supply and demand, the role of money and markets, and the impact of economic policy. This understanding can help us make more informed decisions as consumers, workers, and citizens.
- Economics can help us solve real-world problems: Economics provides tools and techniques that can be used to tackle a wide range of real-world problems, from addressing poverty and inequality to managing resources and promoting economic growth. By studying economics, we can learn how to use these tools to address the challenges facing our communities and our world.
- Economics can open up career opportunities: A degree in economics can lead to a wide range of career opportunities, including jobs in finance, business, government, and international organizations. Economists are in high demand and are often well-compensated for their expertise.
- Economics can improve our critical thinking skills: Economics requires us to think critically about the world around us, to consider multiple perspectives and to evaluate evidence and arguments. By studying economics, we can improve our ability to analyze and solve problems, to communicate effectively, and to make informed decisions.
- Economics can broaden our horizons: Economics is a diverse and fascinating subject that touches on a wide range of fields, including history, sociology, psychology, and political science. By studying economics, we can gain a more well-rounded understanding of the world and our place in it.
In short, economics is an important subject to study because it helps us understand the world around us, provides tools to solve real-world problems, offers career opportunities, improves our critical thinking skills, and broadens our horizons. If you are considering studying economics, it is definitely worth your while!
So why should you choose IGCSE Economics?
Here are four good reasons why you might want to choose to study IGCSE Economics:
1. It is an internationally recognised qualification that is highly regarded by employers and universities. This can be particularly beneficial for students who are planning to study or work abroad
2. IGCSE Economics covers a wide range of topics that are relevant to the modern world, including microeconomics, macroeconomics, and international trade. This can help you develop a well-rounded understanding of the economy and how it functions
3. Studying economics can help you to develop analytical and critical thinking skills, which are valuable in a wide range of careers, and help you across your other subjects
4. Economics can be a fascinating subject to study, and can help students develop an appreciation for the ways in which economic systems and policies impact people’s lives. How you live might be affected by what you know and learn about the economic systems you live and engage with...knowledge is power!
So is CIE the right board for me to study IGCSE economics?
There are several factors that contribute to the reputation of the IGCSE Economics course offered by the Cambridge International Examinations (CIE) board:
1. The CIE board is well-respected and recognized internationally, which can be beneficial for students who are planning to study or work abroad.
2. The IGCSE Economics course offered by CIE is designed to be challenging, yet accessible, and covers a wide range of topics that are relevant to the modern world.
3. The course materials and resources provided by CIE are of high quality and are designed to help students succeed.
4. CIE offers a range of support services for students, including online resources and teacher support materials, to help students prepare for exams and succeed in their studies.
Overall, the IGCSE Economics course offered by CIE is a rigorous and well-respected qualification that can provide students with a strong foundation for further study or work in economics, business, or related fields.
There are other exam boards, which is better: CIE and Edexcel?
It is not accurate or fair to say that one examination board is necessarily “better” than another, as different boards have different strengths and approaches to curriculum design and assessment. Both the Cambridge International Examinations (CIE) board and the Edexcel board offer high-quality IGCSE Economics courses that are recognized internationally and can provide students with a strong foundation for further study or work in economics, business, or related fields.
That being said, there are some differences between the IGCSE Economics courses offered by CIE and Edexcel that students and their families may want to consider when deciding which course is best for them. Some potential factors to consider could include:
- The structure and content of the course: While both CIE and Edexcel offer comprehensive IGCSE Economics courses, the specific topics covered and the way the material is presented may vary between the two boards.
- The availability of resources and support: Both CIE and Edexcel offer a range of resources and support services to help students prepare for exams and succeed in their studies. However, the specific resources and support services available may differ between the two boards.
- Personal preference: Ultimately, the choice of which IGCSE Economics course to take may come down to personal preference. Some students may prefer the teaching and learning style of one board over the other, or may have a preference for the way the material is presented.
It is important for students to carefully research and consider all of these factors when deciding which IGCSE Economics course is best for them.
Who should NOT choose economics?
Economics is generally not recommended for those who choose subjects for their IGCSEs based on whether they think they will be "good" at them or not. Instead, you should select subjects that you are interested in and will enjoy studying, and certainly do not choose based on what your friends are choosing. That being said, economics may also not be the best subject choice for students who are not interested in the subject matter of economics and find things like inflation, interest rates or unemployment uninteresting.
Students who do not have strong analytical and problem-solving skills, and dislike thinking for themselves and using data to solve problems may also want to avoid economics. Economics can involve a lot of abstract thinking and the use of mathematical models to analyse and understand economic phenomena, so it may not be suitable for you if you do not enjoy these types of activities.
Ultimately, the decision about whether to study economics for IGCSEs should be based on your own interests and strengths. Consider your passions and potential in the subjects you choose. You'll be studying them for two years and so you need to think about how you are going to feel on a random Wednesday, halfway through Year 10 when your next lesson is economics...hopefully you'll be excited, but if not then it is going to be a painful few years!
What should you do now?
- Read as much as you can about the different subject options - at GIS, we have the IGCSE Options site with videos for every option and a whole bunch of frequently asked questions
- Talk to your parents, your friends and your teachers and ask older siblings about what they studied
- Engage in any taster lessons and make sure you really
- Relax as while Options do seem really important, and are probably the first big choice you will make in your education, they will not define you or your future. Getting them right is about knowing what you will enjoy the most and not what you think you need to study (or what your parents say!)...and at GIS, we do have a four-week window at the start of Year 10 to make a change if absolutely necessary!
Overall, IGCSE Economics is a challenging and rewarding subject that can provide you with a strong foundation for further study or work in economics, business, or related fields. A quote I once heard a university lecturer say is that studying economics can help you change the world…but even if you didn’t want to change the world, at least you can make a lot of money! (I wish I could find who said it and attribute it to them...let me know in the comments if you know who said it!)
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