Economics

Course summary

Consider these important questions: Why is it that the NHS is struggling to provide a fully functioning health service? Is it right to compensate the unemployed? Both of which have been at the forefront of the news during the recent labour market problems. Is immigration detrimental to the economy? Is Google too powerful? Why are globalisation and free trade out of favour? How can economics help the overuse of antibiotics and slow the growth of superbugs? If these questions intrigue you, then the study of Economics will provide you with the critical and analytical tools to begin to answer them. You will be introduced to several formal, theoretical models to analyse the world. You will be expected to think independently about particular economic issues and discuss your views. The course is designed to introduce new theories to students with no previous experience of studying Economics; however, an appetite for current affairs is essential. The examinations and class discussions are based on the economic phenomena reported every day in the media. The course is challenging as it introduces a new and logical way of looking at the world. It is important to be open-minded and allow yourself to step back from the discussion and evaluate the assumptions it may be resting on. It should be noted that Business Studies may not be taken alongside Economics as there is too great overlap in the courses. Microeconomics is the study of individual markets and the decisions firms and consumers make within them. Topics included are: • Demand and supply • Labour markets • Theory of the firm (monopoly, oligopoly, game theory) • Market failure and externalities Macroeconomics considers the performance of the economy as a whole. Topics studied include: • Macroeconomic objectives (economic growth, inflation, unemployment, and income inequality) • Aggregate demand and aggregate supply • Globalisation • Trade blocs and economic integration • Economic development Understanding the economy is important both when operating a business and when policymaking in government. However, the intellectual skills developed will be of life-long value: • Ability to extract and interpret complex data • Present a coherent argument on paper • A good grounding in how the national and international economy works