Economics

Course summary

Economics can broadly be defined as the study of choice, scarce resources and how resources are used in society. Economics affects everything we do; not merely at work or in the shops, but also in the home and the voting booth. It influences how well we look after our planet, the future we leave for our children, the extent to which the UK can care for the poor and the disadvantaged, and the resources we have for enjoying ourselves. The A level is composed of two core modules: Microeconomics Scarcity and choice, how competitive markets work, competition and market power, labour market, market failure and government intervention. Macroeconomics Economic policy objectives and indicators of macroeconomic performance, aggregate demand and supply, the application of policy instruments, the global context, and the financial sector.