Economics

Course summary

Do you want to explore the relationship between an individual’s decisions and local economics? Or consider how economic policymakers can affect change on the national or global stage. You will find out about the terms, concepts, theories and models in both micro and macroeconomics and learn how to evaluate the effects of economic agents for yourself. You will learn about markets and how they fail as well as study both national and international economies including topics such as competition; monopolies; the labour market; fiscal policy, government intervention, inequality and poverty and much more. Individuals, firms, markets and market failure. This area of study covers topics like individual economic decision-making; production, costs and revenue; perfect competition, imperfectly competitive markets and monopoly; the labour market; the distribution of income and wealth: poverty and inequality; and the market mechanism, market failure and government intervention in markets. The national and international economy. This area of study covers topics like the measurement of macroeconomic performance; how the macroeconomy works; the circular flow of income, AD/AS analysis and related concepts; economic performance; financial markets and monetary policy; fiscal policy and supply-side policies; and the international economy.