Economics

Course summary

Theme 1 – Introduction to Markets and Market Failure This theme focuses on microeconomic concepts, which look at how markets work. Students will develop an understanding of: Nature of Economics, How Markets Work, Market Failure and 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 and 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, the Labour Market and 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 and Role of The State in the Macroeconomy.