Economics

Course summary

Economics is divided into macro and micro. Macro issues consider how the aggregate (big picture) economy of a country behaves. Some of the issues we will address include how to manage economic growth at the national level whilst also managing unemployment and controlling the rate of inflation. You will debate different economic schools of thought and examine the evidence to support or critique common government solutions to the economic problem. We will also look at the balance of trade and how countries compete in the global economy, managing wealth and global poverty. In Micro, you will investigate issues such as what decides the price of goods and services, who should pay for the cost of global pollution and why the government needs to intervene in the economy through the use of taxes, subsidies, the minimum wage and legislation. Macroeconomics involves looking at the 'big picture' of how our national economy fits into the global context, the global impact of financial markets and the operation of the international economy. In Microeconomics, you will investigate issues such as wealth and poverty and how they vary globally; why the government intervenes in some markets, such as setting wages, increasing the cost of tobacco and regulating competition between firms, and what happens when the government gets it wrong.