Economics

Course summary

Theme 1: Introduction to markets and market failure This theme focuses on microeconomic concepts. Pupils will develop an understanding of: nature of economics, how markets work and market failure and government intervention. Theme 2: The UK economy – performance and policies This theme focuses on macroeconomic concepts. Pupils will develop an understanding of: measures of economic performance; aggregate demand and aggregate supply; national income and economic growth, and; macroeconomic objectives and policy. Theme 3: Business behaviour and the labour market This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Pupils will develop an understanding of: business growth and business objectives; revenues, costs and profits; market structures; labour market, and government intervention. Theme 4: A global perspective This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Pupils will develop an understanding of: international economics; poverty and inequality; emerging and developing economies; the financial sector and the role of the state in the macro economy.