Economics

Course summary

Economics at Trent College reflects the real world, relating current affairs to clearly explained economic theory. The course aims to provide a critical understanding of the economic choices faced by consumers, businesses and government and helps you to explore the topics which dominate the news and shape the world we live in, enabling you to discuss these issues in an objective, informed manner. Theme 1. Markets and Market Failure: This theme provides you with an understanding of how markets allocate resources through the forces of demand and supply, analysing markets such as housing and healthcare. The theme then explores factors which cause markets to fail and operate inefficiently such as information failure and the actions government can take to correct the market outcome. Finally, the theme looks at how government intervention can lead to a worse outcome, such as when there are unintended consequences. Theme 2. The UK Economy – performance & policies: This theme focuses on the national economy, how this works and how performance can be measured, before focusing on the objectives of the UK government and the policies it has available. You will investigate how the UK economy has changed in the last 10 years, as well as comparing the Great Depression and the 2008 Financial Crisis. Theme 3. Business behaviour & labour market: This theme develops Theme 1 and introduces you to more realistic models of markets, such as Oligopoly and how the level of competition effects consumers and efficiency. You will investigate the labour market and actions the government can take to promote competition. Theme 4. A global perspective: This theme develops Theme 2 but focuses on international economics. You will study the importance of international trade and competitiveness, as well as looking at countries at different stages of development, to consider the strategies that can be used to promote growth.