Economics

Course summary

Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources for production, distribution, and consumption. Economists learn to apply models of behavior to predict responses to changes in government policy and external shocks. Studying Economics gives students a better understanding of how the world around them operates and combines particularly well with Mathematics, Politics, Geography, History, and Business. Unit 1 Markets and business behavior: Nature of economics, How markets work, market failure, business growth and objectives, revenues, costs and profits, market structures, government intervention. Unit 2 The National and Global Economy: Measures of economic performance, aggregate demand, aggregate supply, national income, economic growth, macroeconomic objectives, and policy, international economics, poverty and inequality, emerging and developing economies, and the financial sector. Unit 3 Microeconomics and macroeconomics: the work studied in this unit comprises a more detailed examination of all of the microeconomic and macroeconomic topics studied in units 1 and 2. A variety of teaching methods are employed including, research, assignments, the application of topical issues, and work with past papers. Students will be expected to develop a strong working understanding of current affairs.