Economics

Course summary

Economics is the study of society through the behaviour of people, firms, and governments, with the aim of understanding and improving well-being and wealth in society. A level Economics is divided into two parts: Microeconomics and Macroeconomics. Microeconomics explores the concept of free markets and whether individuals and firms acting in their own self-interest achieve the most effective production and consumption decisions. The course looks at markets such as supermarkets, energy, and banking, critically assessing whether they work effectively for consumers. We also study labour markets, and the causes and effects of inequality. Macroeconomics takes a holistic view and explores economics at a national level through themes such as the causes of unemployment, inflation, and economic growth. We also study the international economy, for example looking at the impact of international trade and evaluating reasons for the different levels of economic development between countries.