Economics

Course summary

Economics will equip you with the tools to see the world in a new light. If you are interested in finding out how people respond to markets and government policies, then you will enjoy investigating some of the problems that economists face, from the problem of obesity to the economic consequences of climate change. You will also study some of the macroeconomic challenges that governments deal with, from unemployment and inflation to preventing another financial crisis. It has a bit of everything in it – History, Government & Politics, Geography and Maths – keeping the subject relevant and interesting. In your first year: Theme 1: “Introduction to markets and market failure.” This unit provides an introduction to the nature of economics and examines how markets allocate resources, from the oil market to the housing market. It analyses the nature of market failure and investigates the extent to which a particular market requires government intervention. You will answer questions such as “Why do football players earn more than engineers?” and “How can the government stop people smoking?” Theme 2: “The UK economy – performance and policies.” This unit introduces the key measures of economic performance by looking at a range of economic problems that a country faces, such as inflation and unemployment. Students investigate the instruments governments can use to overcome these problems and evaluate their impact on the economy. You will be able to discuss whether immigration is beneficial or costly for the UK and talk with authorities about the effectiveness of government policies to reduce inequality.