Economics

Course summary

Economics is the study of how society copes with the 'economic problem' - the existence of unlimited wants and scarce resources. How do consumers, firms and governments make decisions regarding resource allocation? As a society, how do we decide who gets what? Should we prioritise tackling inflation, unemployment or growth? Should our railways be re-nationalised? Microeconomics is the study of individual markets. It explores how supply and demand interact to determine the price of goods and services, and the quantity produced and consumed. Macroeconomics focuses on broader economic issues that apply at a national and international level. Students will learn about concepts such as economic growth, recession, unemployment, inflation, exchange rates and the distribution of income. A keen interest in current affairs will benefit students who wish to take A-Level Economics.