Economics

Course summary

Year 12: Theme 1: Introduction to markets and market failure ➢ Supply and demand ➢ The economic problem ➢ Government intervention in markets e.g. taxes and subsidies ➢ Examples of market failure such as public goods and externalities Theme 2: The UK economy performance and policies ➢ Aggregate demand and supply ➢ Inflation ➢ Unemployment ➢ The balance of payments ➢ Fiscal policy ➢ Monetary policy ➢ Conflicts between objectives and policies Year 13: Theme 3: Business behaviour and the labour market ➢ The objectives of firms ➢ The growth of firms ➢ Costs, revenue and profit ➢ Market structures ➢ The labour market Theme 4: A Global Perspective ➢ International economics ➢ The financial sector ➢ Poverty and inequality ➢ Emerging and developing economies ➢ Role of the state in the macroeconomy