Theme 1: Introduction to Markets and Market Failure This is the foundation of the course. It covers the workings of free markets - how capitalism delivers to consumers the goods and services that they want; how markets function to allocate scarce resources; how equilibrium and disequilibrium exists in the functioning of free markets. The central question explored here is that of efficiency - when can the capitalist system be said to operate in accordance with the wishes of consumers? What happens when markets fail to deliver and government has to intervene to correct for ‘market failure’ - e.g. traffic congestion, the underprovision of health care, the overprovision of demerit goods. The implication of government intervention as a problem-maker rather than a problem-solver (with, say, the dedication to ongoing farm subsidies or consequent tax avoidance) is also debated. Theme 2: The UK Economy - Performance and Policies This covers issues such as inflation, economic growth, unemployment and the balance of payments, and the policies which governments adopt in order to try to achieve a satisfactory performance in all four fields. This is a linear course meaning there are no external exams to be sat at the end of Year 1, however, internal mocks will take place to assess whether continuation of economics study in Year 2 can take place. Year 2 In addition to Year 1 content outlined above, Year 2 content includes additional micro and macro content. Theme 3: Business Behaviour and the Labour Market Students will build upon their knowledge of Theme 1 content by studying the theory of the firm - in particular, the cases of pure competition (e.g., the foreign exchange market), imperfect competition (e.g., independent schools or supermarkets), and monopoly (e.g., water supply). In addition, students will explore individual decision making, labour markets, and the behaviour of firms. Theme 4: A Global Perspective This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of international markets, including the role of protectionism and the consequences of the imposition of tariffs, subsidies, and quotas in multinational spheres. Poverty and inequality will also be explored alongside growth in emerging economies. The financial sector and the role of the state in the macroeconomy are evaluated rigorously.
To be good at the subject you need three things: you need to be interested in what is reported at the front end of a decent newspaper; you need to be comfortable with numbers and diagrams; and you need to be reasonably articulate and fluent in speaking and writing English. You will have to hone your critical thinking skills and be comfortable being an independent and group learner
About Education Provider
| Region | South East |
| Local Authority | Kent |
| Ofsted Rating | |
| Gender Type | Co-Educational |
| ISI Report | View Report |
| Boarding Fee | £25,440 - £44,076 |
| Sixth Form Fee | £20,706 - £23,808 |
| Address | Whitstable Road, Canterbury, CT2 9DT |
Theme 1: Introduction to Markets and Market Failure This is the foundation of the course. It covers the workings of free markets - how capitalism delivers to consumers the goods and services that they want; how markets function to allocate scarce resources; how equilibrium and disequilibrium exists in the functioning of free markets. The central question explored here is that of efficiency - when can the capitalist system be said to operate in accordance with the wishes of consumers? What happens when markets fail to deliver and government has to intervene to correct for ‘market failure’ - e.g. traffic congestion, the underprovision of health care, the overprovision of demerit goods. The implication of government intervention as a problem-maker rather than a problem-solver (with, say, the dedication to ongoing farm subsidies or consequent tax avoidance) is also debated. Theme 2: The UK Economy - Performance and Policies This covers issues such as inflation, economic growth, unemployment and the balance of payments, and the policies which governments adopt in order to try to achieve a satisfactory performance in all four fields. This is a linear course meaning there are no external exams to be sat at the end of Year 1, however, internal mocks will take place to assess whether continuation of economics study in Year 2 can take place. Year 2 In addition to Year 1 content outlined above, Year 2 content includes additional micro and macro content. Theme 3: Business Behaviour and the Labour Market Students will build upon their knowledge of Theme 1 content by studying the theory of the firm - in particular, the cases of pure competition (e.g., the foreign exchange market), imperfect competition (e.g., independent schools or supermarkets), and monopoly (e.g., water supply). In addition, students will explore individual decision making, labour markets, and the behaviour of firms. Theme 4: A Global Perspective This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of international markets, including the role of protectionism and the consequences of the imposition of tariffs, subsidies, and quotas in multinational spheres. Poverty and inequality will also be explored alongside growth in emerging economies. The financial sector and the role of the state in the macroeconomy are evaluated rigorously.
To be good at the subject you need three things: you need to be interested in what is reported at the front end of a decent newspaper; you need to be comfortable with numbers and diagrams; and you need to be reasonably articulate and fluent in speaking and writing English. You will have to hone your critical thinking skills and be comfortable being an independent and group learner