Economics

Course summary

Studying economics will give you a comprehensive understanding of both microeconomics and macroeconomics. Starting with microeconomics, focus is on the effects of individual decisions. Topics covered include economic problems and the ways in which economists think and work, how demand and supply interact to allocate resources, how businesses aim to maximise profit but why consumers may not behave rationally and the impact that this has. We investigate market failure and how governments may intervene. In macroeconomics students will be introduced to the aggregate demand/aggregate supply model so that they can use it to analyse changes within the economic environment. Students will examine ways of improving an economy’s performance, and will consider the different approaches that may be used by policymakers to address macroeconomic issues and be able to identify the criteria for success. Students will have knowledge of the UK economy in the last 10 years and will consider the significance of globalisation, international trade, the balance of payments and exchange rates. They will examine public finance, macroeconomic policies and the role of the financial sector in a global context. Students will consider the factors influencing the growth and development of emerging and developing countries.