Economics

Course summary

WHO IS IT SUITABLE FOR? To study Economics successfully you need to: ✓ have an interest in the wider economic and social environment and how economic issues and problems affect everyday life ✓ read and understand some fairly complex reading material—reading The Financial Times, The Economist, or following BBC news or a broadsheet newspaper regularly is helpful ✓ be confident enough in maths to learn how to interpret and construct diagrams and charts displaying economic data ✓ write logical analytical explanations of economic theories and apply these to various situations to make informed judgements WHAT WILL I LEARN? Year 12, Section 1: Operation of Markets and Market Failure ✓ How supply and demand work to determine market prices and economic efficiency ✓ How supply and demand may fail to deliver good in efficient quantities ✓ How government can intervene in markets to correct for market failure Year 12, Section 2: The National Economy in a Global Context ✓ How we measure economic performance ✓ How government can use policies to stimulate economic growth, reduce unemployment, manage inflation, increase international trade, and manage public finances Year 13, Section 3: Individuals, Firms, Markets and Market Failure ✓ How and why firms grow; costs, revenues and profits ✓ The role of the competition authorities in promoting competitive markets ✓ How wages are determined in the labour market Year 13, Section 4: The National and International Economy ✓ Globalisation and international trade ✓ The financial sector