Economics

Course summary

Edexcel In the first year students will study both microeconomics and macroeconomics. In microeconomics students will study theories which help to explain the concepts of: scarcity and choice, how competitive markets work, competition and power, labour markets and market failure and finally government intervention. In macroeconomics, students will study theories which help to explain: how economic performance can be measured, how financial markets work and how economic policy can affect the domestic and global economy. In the second year, students will study both the microeconomics and macroeconomic components mentioned above, together with a further component which involves applying all the theory they have learnt in a real world context.