Economics

Course summary

Economics is a social science that studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Microeconomics looks at problems as they affect individuals and companies. How are we best to spend our money? What should firms produce? What determines the price of goods in the shops? What determines wage levels? Are students entitled to the Minimum Wage? The course also invites students to discuss just how large a role the government should have in determining economic affairs? Do markets work best when governments leave them alone? Or is active government involvement required to reduce things like inequality in society. Macroeconomics looks at the big economic issues facing the government of the day. It looks at current debates about unemployment, inflation and Economic growth. It also looks at the UK economy and our role as a trading nation. This necessitates a discussion of the economic relations between the UK and other European countries.