Economics

Course summary

The course will enable you to: ● Understand how the prices of things are determined ● Understand how the economy works and affects families, businesses and countries ● Investigate topical issues such as pollution, student loans, the Euro, the budget deficit using economic frameworks ● Think logically about issues and evaluate possible solutions AS Economics (Edexcel Economics A) This requires you to study themes 1 and 2 (see over) and complete exams in the summer term in year 12 Theme 1: Introduction to markets and market failure ● How are prices decided? ● Supply and demand analysis ● Use of supply and demand analysis to: ● investigate different markets such as oil, share prices, agriculture, and the labour market ● Investigation of market failure in markets such as transport, health, labour, education and the environment. ● Methods used by government to reduce market failure, e.g. transport Theme 2: The UK economy – performance and policies ● How is economic performance measured? ● How do economies grow? Why is growth important? ● What is inflation and why is it important? Who does it affect? ● What is unemployment and how can it be reduced? ● Why is trade important? ● How can we measure standards of living? ● How can the government attempt to control the economy? ● What is the budget deficit? How is it being reduced and to what effect? A level Economics (Edexcel Economics A) This requires you to study themes 1,2,3 and 4 and complete exams at the end of Year 13 Theme 3: Business behaviour and the labour market ● What objectives do firms have? ● Why do firms grow? ● How do firms make a profit? ● What determines how firms behave? ● How does the government try and control businesses? ● The supply and demand for workers and wage determination Theme 4: A Global Perspective ● What are the causes and effects of globalization? ● Why trade? ● How does a country compete? ● How is the UK performing compared to other nations? ● What is poverty and inequality in developed and developing countries? ● What measures can be used to promote growth and development? ● The role of the government in the macroeconomy