Economics

Assessment

You will examine the role played by individuals, firms and government in shaping economic events. Whilst the main focus is on the UK Economy, there is consideration given to international factors like globalisation and the effect of the EU on the UK. As part of Paper 1, you will study individuals, firms, markets and market failure. This includes: 1. Economic methodology and the economic problem, 2. Individual economic decision making 3. Price determination in a competitive market 4. Production, costs and revenue 5. Perfect competition, imperfectly competitive markets and monopoly 6. The labour market 7. The distribution of income and wealth: poverty and inequality 8. The market mechanism, market failure and government intervention in markets As part of Paper 2, you will study the national and international economy. This includes: 1. The measurement of macroeconomic performance 2. How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts 3. Economic performance 4. Financial markets and monetary policy 5. Fiscal policy and supply-side policies 6. The international economy Paper 3 covers a combination of the topics studied in Papers 1 and 2. There is no coursework or NEA element to this course. All the above topic areas will be assessed by three 2 hour written exams combining multiple choice, data response and essay questions.