Economics

Course summary

Economics is a social science concerned with the challenges of searching for acceptable levels of economic well-being. The quest is of particular relevance not only because of the vast gulf separating the poorest and the richest inhabitants of the planet but also because of the limits of resources, time and human effort. Students will acquire an understanding of a set of principles that will enable them to explain and discuss many real-world economic events, with specific reference to individual markets, businesses, UK government economic policy and global concerns about climate change, migration, international trade and poverty. The course sets out to develop students’ problem-solving and evaluation skills. Students will also be developing data handling and application of number skills – e.g. ratios, percentages, index numbers, rates of change, and graphs. Students should note that a high capability in Mathematics is essential when applying to study Economics at university. For some of the most competitive courses, IB Higher Level or Further Mathematics A Level is a requirement. Theme 1 Introduction to Markets and Market Failure. This theme introduces students to the microeconomic nature of economics, looking at economic problems and the way economists think and work. Theme 2 The UK Economy – Performance and Policies. This theme introduces the key measures of economic performance and the main instruments of economic policy primarily in the UK. Policies will be considered in a historical context, with particular reference to 2007/8, the COVID-19 shock, and the 1930s. Theme 3 Business Behaviour and the Labour Market. This theme builds on theme 1 and it examines the behaviour of firms in different market contexts and considers the role of government regulation of markets. The labour market will be evaluated, including a consideration of migration and the role of government. Theme 4 A Global Perspective. This theme builds on theme 2. Students will study globalization, international trade, the balance of payments and exchange rates. They will also study the economics of developing and emerging economies as well as the role of financial markets.