Economics

Course summary

The initial term will introduce the students to the basic concept of scarcity that underpins the subject of economics. All the work during this first term will focus on micro economics. Students will consider factors of production and recognise that the world has unlimited wants but finite resources. The students will also be introduced to the topics of price determination and learn about the function of market forces. They will also investigate the behaviour of costs and revenue in a business, and examine the concept of a perfectly competitive market. To end this term the students will learn about why markets fail and they will investigate a range of situations ranging from partial to complete market failure. The structure of the assessments involves the students using a range of skills in terms of comprehension, data handling and processing and providing well-structured written essays. Regular practise will also be provided in this term on topic related multiple choice questions