Economics

Course summary

Economics is all about our struggle to achieve happiness in a world full of constraints. Too little time and money is available to do everything people want. However, people are clever, they tinker and invent, ponder and innovate. They look at what they have and what they can do with it and take steps to make sure that if they can’t have everything they at least have as much as possible. Trade-offs are key because, you can’t have everything, you have to make choices and this is a fundamental part of everyday life. The science that studies how people choose – economics – is indispensable. You will look at the fundamental forces which affect our lives such as employment, prices, international trade and poverty. You will focus on both Microeconomics and Macroeconomics. Microeconomics addresses issues such as “What will I do with my money?” and “What will I do with my time?”. Macroeconomics addresses issues such as “Why are house prices so high?”, “What happens if people decide to spend more?”, “Why are footballers paid so much and nurses so little?”, “How are we affected by Indian and Chinese economies?”. If you are curious about everything that happens around you then studying economics will satisfy the curiosity. Year 1: • Microeconomic Theory • How competitive markets work • Market failures and government intervention • Macroeconomy functions on a domestic and global level • Policy approaches • Macroeconomic equilibrium Year 2: • Microeconomic Theory • Market structures • The labour market • Global economics • Growth and development • Policies used by government • Financial markets