Economics

Course summary

Economics is a dynamic social science, based on many levels of logical theory. In its most simple form, economics concerns itself with the how wealth is produced, distributed and consumed in society. Microeconomics studies how individuals and firms allocate their limited resources with regard to this, and macroeconomics considers the whole economy, especially GDP, inflation and unemployment, and evaluates the policies used to control economic performance. As globalisation increases, so economics applies itself with an increasingly international flavour, with considerable focus on transitional economies such as China and India. The international element will inevitably lead into a study of development economics; this considers the process of economic and social development in low-income countries. With some focus on methods of promoting economic growth and structural change, it also delves into improving the potential for the mass of the population, for example, through health and education, and workplace conditions. Ultimately, pupils will be able to interpret the inevitable trade-offs that arise and make policy decisions based on their findings. Individuals will make their own decisions based on their own code of ethics. Both Standard Level and Higher Level courses cover the following topics: Microeconomics, Macroeconomics, International Economics and Development Economics.