Economics

Course summary

Our aim is to encourage each pupil to nurture his or her business and enterprise skills, whilst appreciating the dynamic environment within which firms operate. Economics relates to every aspect of our lives, from the decisions we make as individuals to the policies of firms and governments. The study of Economics enables you to develop a deeper understanding of the world around us that is as valuable as it is interesting. Economics has been defined as the study of the allocation of scarce resources between competing claims and needs. The subject deals with a multitude of problems facing modern societies and governments. You will start by exploring the nature of markets and their role in allocating resources in a modern economy. You will use the concepts of supply and demand to analyse markets. The central role of the government when markets fail is also investigated. Next, you will examine the performance of the UK economy. Here you will be introduced to how levels of macroeconomic activity are determined and also investigate key national and international economic indicators, policies and problems. Later, in year two you will focus on an understanding and analysis of the labour market and business structures. You will investigate the role of the government and examine key issues and policies affecting economic performance. Finally, the performance of the national and global economy is studied which gives an overall context and framework for economic analysis in an integrated and globalised world. Key topics here include international trade, development, sustainability, the financial sector and globalisation.