A-level Economics will give you an excellent understanding of how economies allocate their scarce resources to meet the needs and wants of their citizens. You will develop a greater understanding of the economic problems which face individuals, firms and governments on a local, national and global level and the alternative ways these problems can be resolved. Microeconomics - Markets and market failure: Students will be required to acquire knowledge and understanding of a selection of microeconomic models and to apply these to current problems and issues. Microeconomic models such as demand and supply, perfect competition, monopoly, the operation of the price mechanism and the causes of market failure are central to this part of the specification. Macroeconomics - National and international economy: Students will develop an understanding of the factors that affect the UK economy and the forces that have affected government policies over the past fifteen years. They will also examine developments in the world economy, including the European Union and how these have affected the UK.