Theme 1: Introduction to markets and market failure This theme focuses on microeconomic concepts. Students will develop an understanding of: ● nature of economics ● how markets work ● market failure ● government intervention. Theme 2: The UK economy – performance and policies This theme focuses on macroeconomic concepts. Students will develop an understanding of: ● measures of economic performance ● aggregate demand ● aggregate supply ● national income ● economic growth ● macroeconomic objectives and policy. Theme 3: Business behaviour and the labour market This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of: ● business growth ● business objectives ● revenues, costs and profits ● market structures ● labour market ● government intervention. Theme 4: A global perspective This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of: ● international economics ● poverty and inequality ● emerging and developing economies ● the financial sector ● role of the state in the macroeconomy.