Many students will not have come across the subject before, or even be fully aware what Economics is all about. It is an exciting and relevant subject that is useful in the workplace and helps give an understanding of finance and economics on both small and large scales. You will look at how we attempt to solve the economic problem by producing goods and services. We have an insatiable desire to consume far more goods than we can ever hope to produce and, as a result, we have to ration out these scarce goods which we do through wealth and the price mechanism. This system works extremely efficiently when producing many of the consumer goods we all covet, but not so well when it comes to street lights, defense, judiciary, or health. In these cases of market failure, we need government intervention to (hopefully) correct the market. We attempt to provide a big picture of the economy by looking at the macro-economy. Here we look at issues such as unemployment, inflation, the balance of payments, and economic growth and what can make these issues better or worse. We look at the government's budget and ask if the Chancellor is right to be obsessed with reducing the budget deficit in a time of recession. We also look more closely at firms and how they operate. Corporate pay forms part of our analysis of pay determination - can it be justified on economic grounds? Other topics to do with firms are mergers and takeovers, efficiency, diminishing returns, and economies of scale. Cost-benefit analysis attempts to look at business activity from the viewpoint of society rather than the narrow focus of business profit calculation, by taking into account the wider costs and benefits.
Students need to achieve at least 28 points from their best 6 GCSE results. GCSE grade C or above in at least five subjects (not necessarily in Economics but this would be an advantage).
About Education Provider
| Region | North West |
| Local Authority | Lancashire |
| Ofsted Rating | Good |
| Gender Type | Boys |
| Address | Liverpool Road, Hutton, Preston, PR4 5SN |
Many students will not have come across the subject before, or even be fully aware what Economics is all about. It is an exciting and relevant subject that is useful in the workplace and helps give an understanding of finance and economics on both small and large scales. You will look at how we attempt to solve the economic problem by producing goods and services. We have an insatiable desire to consume far more goods than we can ever hope to produce and, as a result, we have to ration out these scarce goods which we do through wealth and the price mechanism. This system works extremely efficiently when producing many of the consumer goods we all covet, but not so well when it comes to street lights, defense, judiciary, or health. In these cases of market failure, we need government intervention to (hopefully) correct the market. We attempt to provide a big picture of the economy by looking at the macro-economy. Here we look at issues such as unemployment, inflation, the balance of payments, and economic growth and what can make these issues better or worse. We look at the government's budget and ask if the Chancellor is right to be obsessed with reducing the budget deficit in a time of recession. We also look more closely at firms and how they operate. Corporate pay forms part of our analysis of pay determination - can it be justified on economic grounds? Other topics to do with firms are mergers and takeovers, efficiency, diminishing returns, and economies of scale. Cost-benefit analysis attempts to look at business activity from the viewpoint of society rather than the narrow focus of business profit calculation, by taking into account the wider costs and benefits.
Students need to achieve at least 28 points from their best 6 GCSE results. GCSE grade C or above in at least five subjects (not necessarily in Economics but this would be an advantage).