Economics

Course summary

Economics is about choice and the impact of our choices on each other. Economics can actually be defined a few different ways: it is the study of scarcity, the study of how people use resources, or the study of decision-making. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms. The economic way of thinking can help us make better choices. Economics is therefore well-regarded amongst academic circles as well as in employment, as it shows you have a good understanding of how the world works. In Year 12 economics is a great complimentary subject and I would say it is advisable for most people to have a basic understanding of economics in today’s modern, fast-paced and unpredictable world. The specification is split into four themes, each one based largely on either microeconomics or macroeconomics. Students build knowledge and understanding of core economic models and concepts throughout learning to analyse markets on a micro level as well as understand the problems that are often encountered in running markets. In macroeconomics our attention switches to the UK economy and how it has evolved, before studying the global economy and looking at issues such as poverty, economic development and globalisation. Students will need to apply their knowledge and understanding to both familiar and unfamiliar contexts in the assessments and demonstrate an awareness of current economic events and policies throughout the course.