Economics

Course summary

Contents • What is Economics? • Why should I study Economics? • What careers could A Level Economics lead to? • What will I study? • How will I be assessed? • Recommended resources • Additional support Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively. Two major types of economics are microeconomics, which focuses on the behaviour of individual consumers and producers, and macroeconomics, which examines overall economies on a regional, national, or international scale. Economics is especially concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and policies that will maximize efficiency. Economists formulate and publish numerous economic indicators, such as gross domestic product (GDP) and the Consumer Price Index (CPI). Capitalism, socialism, and communism are types of economic systems. Ever stopped to think about why you buy the things you buy? Ever wondered why prices keep going up? Or why the value of the pound goes up or down at different times? These and many other questions are tackled in the study of economics. Economics involves an increased understanding of the way the human world works and the motivators that drive individuals, firms and nations to make the choices they make. It also helps to develop a range of key skills that will help you in your future life, such as: • Problem-solving • Critical thinking • Independent research skills • Literacy • Numeracy • Reasoning and logic • Communication • Data analysis and interpretation of data • Oracy