Economics

Course summary

Economics begins with the assumption that we as consumers have infinite wants yet live in a world of scarce resources. Economics is the study of how societies make best use of those limited resources in order to create wealth. Economics is rarely out of the news and studying it will give you a fascinating insight into the two key areas of Micro and Macro-Economics. Theme 1: Introduction to Markets and Market Failure Nature of economics, how markets work, market failure, government intervention Theme 2: The UK Economy: Performance and Policies Measure of economic performance, aggregate demand, aggregate supply, national income, economic growth, macroeconomic objectives and policy Theme 3: Business Behaviour and the Labour Market Business growth, business objectives, revenues, costs and profits, market structures, labour market, government intervention Theme 4: A Global Perspective International economics, poverty and equality, emerging and developing economies, the final sector, role of the state in the macro-economy