Economics is the study of how an economy functions, and how resources are allocated amongst competing claims. By studying Economics you will develop transferable skills including analysis, problem solving and evaluation and you will build up a toolkit of economic concepts to apply to real world economic issues such as: the effects of the UK leaving the EU, are footballers’ wages too high? Should taxes be raised and should benefits be reduced? Economics is typically divided into microeconomics and macroeconomics. In microeconomics you will study the operation of markets and market failure. This involves acquiring knowledge and understanding of a selection of economic models and applying them to current problems and issues. Models such as demand and supply, the operation of the price mechanism and causes of market failure are central to this part of the specification. In macroeconomics study is focused on the economy as a whole and includes the essential areas of growth, inflation, unemployment and international trade. You will also study issues that are currently keenly debated such as Brexit and the impact of globalization on the UK economy. As in microeconomics you will acquire knowledge and understanding of a selection of economic models such as AD / AS and apply them to current problems and issues.