Economics is about studying the world around us from a social, financial and cultural perspective. You will study how economies allocate their scarce resources to meet the needs and wants of their citizens and learn about the economic problems which face individuals, firms and governments on a local, national and global level and the alternative ways these problems can be resolved. Macroeconomics investigates the workings of the whole economy; analysing possible causes of inflation, unemployment, and the effects of government intervention. You will also examine the complex interdependence between economies. Microeconomics examines how the price system of free enterprise economies allocates scarce resources. The syllabus also includes concepts such as behavioural economics, which considers how consumers make decisions based on emotions rather than rationality, and the analysis of financial markets. Year 1 Theme 1: Introduction to markets and market failure. This theme sets the foundation for the study of Economics and introduces the microeconomic nature of economics, looking at economic problems and the ways economists think and work. You will develop an understanding of how an economy functions and gain a new vocabulary, which will allow you to discuss economic issues. Theme 2: The UK economy – performance and policies. This theme identifies what we expect the UK government to achieve. You will examine the effectiveness of policies that are aimed at achieving objectives such as economic growth, inflation and unemployment. Year 2 Theme 3: Business behaviour and the labour market. This theme examines the economic environment in which businesses compete and how government manages and regulates business. It also examines the key features of the labour market, wage rates and unemployment. Theme 4: A global perspective. This theme examines issues such as the causes and impact of globalisation, international economics, poverty and inequality, developing economies and the financial sector. It also examines government policies to achieve objectives in a global context.