Economics

Course summary

The study of Economics is divided into two parts: Microeconomics and Macroeconomics. In Microeconomics in the first year, pupils cover the fundamental economic question of scarcity of resources, how free markets work (supply and demand), how markets ‘fail’, and what governments can do to make the economy more efficient. In Macroeconomics in the first year, pupils look at measures of the performance of the national economy and policies that the government can use to influence the national economy. The second year consolidates and expands the theory that has been encountered in the first year. In Microeconomics in the second year, pupils look at Theory of the Firm which involves looking at firm behaviour and its impacts. In Macroeconomics in the second year, pupils study the issues associated with international trade and protectionism as well as looking at factors that contribute to economic development.