Economics

Course summary

You do not need to have studied GCSE Economics or Business Studies to take this course. It is more important that you have a lively and inquiring mind, an interest in business and economic affairs, and a desire to explore new ideas and communicate them effectively. The first-year course is made up of two units. Theme 1: Introduction to markets and market failure introduces students to the microeconomic nature of economics, the examination of economic problems and the way in which economists think and work. In particular, we will look at how markets operate, why they sometimes fail to operate efficiently, why government intervention may be needed and why this may not be effective. Theme 2: The UK economy – performance and policies examines the major issues faced by the economy, the tools available to tackle these issues and conflicts between, and the effectiveness of, different policies. This requires the analysis of real data and students will develop a range of skills that are necessary to do this work. The second-year course continues with two further units: Theme 3: Business Behaviour and the Labour Market builds upon the material from Theme 1 and examines business decision-making the significance of competition and how the government seeks to regulate this. The labour market is specifically examined to see how wage levels are determined in competitive and non-competitive markets. Theme 4: A global perspective examines many of the issues associated with globalisation, international trade, exchange rates and the balance of payments. The growth and development of emerging economies is also studied.