The study of Economics is not about money or stock markets but rather about how society approaches scarcity and choice. Resources are finite and thus consumers, businesses and governments must make choices. Businesses must decide how much to produce, what price to sell their products and what wage to pay their workers. Consumers must decide how much to buy at that price and workers must decide how many hours to work at going wage rates. Governments must make decisions about whether and how to intervene in markets through taxes, subsidies and regulations. Governments and central banks also make decisions about taxes, spending and interest rates to affect the level of economic growth, inflation, unemployment and trade. Students will study: Microeconomics • Supply and demand • Market failure • Perfect competition, monopoly, oligopoly • Inequality • Labour markets • Behavioural economics Macroeconomics • Macroeconomic objectives • Fiscal, Monetary and Supply Side Policies • Financial Markets • International trade • Development Desirable Qualities and Skills for Success: • Interest in current affairs and discussions/debates • Proficiency in maths • Ability to produce longer written answers