Economics

Course summary

Economics examines how individuals, firms & governments make decisions about using our scarce world resources to maximise standards of living and wellbeing. The course enables learners to understand the world around them and to explore both UK and global economic and business issues. practice. Theme 1 - Markets, consumers and firms Students will develop an understanding of: scarcity, choice and potential conflicts, enterprise, business and the economy, introducing the market, the role of credit in the economy, market failure and government intervention, revenue, costs, profits and cash. Theme 2 - The wider economic environment Students will develop an understanding of: business growth and competitive advantage, firms, consumers and elasticities of demand, productive efficiency life in a global economy, the economic cycle, introduction to macroeconomic policy. Theme 3 - The global economy This theme develops the concepts introduced in Theme 2. Students will develop an understanding of: globalisation, economic factors in business expansion, impact of globalisation on global companies, impact of globalisation on local and national economies, global labour markets, inequality and redistribution. Theme 3 - Making markets work This theme develops the concepts introduced in Theme 1. Students will develop an understanding of: competition and market power, market power and market failure, market failure across the economy, macroeconomic policies and impact on firms and individuals risk and the financial sector.