Economics is a relevant and dynamic subject that allows students to understand the changing world in which they live. Students will learn the theory of how the economy works and will be given opportunities to apply this to analyze economic problems and issues as they arise during study. This course gives students the knowledge and skills required to mature into informed young adults. This course gives students the knowledge and skills required to mature into informed young adults. Microeconomics Learning how markets work involves using demand and supply diagrams to determine the effect on the price and quantity of goods sold when there are changes in the market conditions e.g. the price of petrol increasing due to the actions of OPEC, changes in US or China’s demand, the pandemic or wars. • You will learn how the level of competition in an industry affects how firms behave. • Market failure can lead to an inefficient allocation of resources. You will learn about the policies the government can use to improve this situation e.g. taxes and subsidies. • You will also learn about labor markets, how wages are determined, and the causes of inequalities in the distribution of income and wealth. You might be surprised at what you find out! Macroeconomics • You will learn how the macroeconomy works. • The government’s main economic objectives of economic growth, low inflation, low unemployment, and a stable balance of payments on the current account will be examined, and how these can be influenced through fiscal, monetary, and supply-side policies. • The UK cannot be studied in isolation. Globalization and the UK’s trading relationship with the EU and the rest of the world have to be considered. • Financial markets and regulation of the banking system are now an important area of study since the financial crisis of 2008 and the independence of the Bank of England.