Economics

Course summary

Economics provides an excellent grounding in how the national and international economy works. The intellectual skills of analyzing complex data and presenting coherent arguments are of life-long value. Economics is therefore highly valued by universities and future employers. Economics A Level explores how governments, firms, and individuals can solve the World’s desire for unlimited needs and wants, with the scarce resources available. Economics will give you the analytical and evaluative skills required to deal with a range of questions and issues that affect the world today.​​​​ In your first year, you will study key microeconomic concepts such as supply and demand, the price mechanism, how markets work, and why they fail to allocate resources to a socially optimal level. You will also look at the key macro features and measures of the UK economy such as unemployment, inflation, and economic growth, which will help you to understand, and comment upon, government policy. Key micro topics in the second year of the course include the theories around profit, cost, and revenues within the overarching market structures. You also examine the macro global economy, including financial markets, and the role of the state in the macroeconomy. You will also examine and explore the economies of developing countries and consider wider issues such as poverty, aid, and debt.