Economics

Course summary

In A Level Economics, you’ll look at the fundamental forces which affect our lives, such as employment, prices, international trade and poverty. Economists are often in healthy debate with each other over these issues. It is this controversy which makes economics lively and interesting to study, and which allows you the opportunity to make your own judgements and form your own opinions. There are several definitions of economics, with each trying to encapsulate the essence of the subject. However, most textbooks seem to agree that economics concerns the allocation of society’s scarce resources in a world where wants are infinite. Economics is a fascinating subject because it includes the study of how people behave and interact with each other. The dynamic between consumers, manufacturers and government makes economics a vibrant subject. Year One In year one you will focus on both microeconomics and macroeconomics. Microeconomics explores issues such as how markets work, fluctuating prices, pollution control, and how governments can intervene in markets. The macroeconomic issues covered include an overview of different measures of economic performance such as inflation, economic growth, and unemployment, as well as understanding policies that can help achieve government macroeconomic objectives. Year Two In year two you will build on your micro and macro knowledge and study key topics related to specific themes in economics. The microeconomic unit focuses on business economics, specifically business growth and objectives, and the implications and possible government intervention related to different market structures such as monopoly markets. The final unit of the course explores the global economy. This considers the causes and consequences of economic growth in developing economies and the impact of international trade and trading blocs on a national economy.