Students will learn how to apply economic ideas to the open market economy in which we live. Eventually they will be able to appreciate the value and limitations of economic concepts in explaining real-world phenomena. Study of this course prepares the pupil for participation in society as a citizen, producer and consumer. In the Lower Sixth, students build up a basic knowledge of the mechanisms of our economy. They learn about markets and the way they work and the reasons they sometimes fail to cater for the needs of all citizens. Pupils also discover what governments can do to improve markets and how it might deal with problems such as unemployment and inflation. In the Upper Sixth, students go on to study the economics of industry in more detail, looking at such issues as competition and the steps governments can take to limit the damaging effects of monopoly. They also investigate the global economy, including economic development and international trade and links between finance sector and the real economy. Government policies that might be used to deal with macroeconomic problems are also considered.