Economics

Course summary

Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses and governments make choices about how to allocate scarce resources. It relates to every aspect of our lives so an economic way of thinking can help you make better choices. It does not matter if you have not studied Economics before, you might have an interest in Economics and want to know more about the impact Economics has on the world around you. You might want to investigate some of the stories you hear in the news. Themes one and three are focused on Microeconomics and two and four on Macroeconomics. Theme 1: Nature of Economics; How Markets Work (Supply and Demand); Market Failure; Government Failure Theme 2: Measures of Economic Performance; Aggregate Demand; Aggregate Supply; National Income; Economic Growth; Macroeconomic Objectives and Policy Theme 3: Business Growth; Business Objectives; Revenues, Costs and Profits; Market Structures; Labour Market; Government Intervention. Theme 4: International Economics; Poverty and Inequality; Emerging and Developing Economies; The Financial Sector; Role of the State in the Macroeconomy