Economics

Course summary

Economics studies the solutions to an essential problem of life: SCARCITY. The problem is that the limited resources available to us cannot fulfil our unlimited wants and needs. The necessary choices this problem generates gives us the study of economics. In Year 12, you will study: - Theme 1: Introduction to Markets and Market Failure - Theme 2: The UK Economy – Performance and Policies Year 12 Economics will introduce you to microeconomics and macroeconomics. Microeconomics addresses issues such as: ‘Why are house prices so high?’, ‘Can pollution be controlled?’ and ‘When, how and why should governments interfere with markets?’. Macroeconomics issues include: ‘Why does the Government have an inflation rate target of 2% and does it matter?’, ‘What happens to the economy if people decide to spend less?’, ‘How are we positively and negatively affected by the growth of the Chinese economy?’ and ‘What will Brexit mean for the UK economy?’. In Year 13, you will study: - Theme 3: Business Behaviour and the Labour Market - Theme 4: A Global Perspective Year 13 Economics will deepen your understanding of microeconomic and macroeconomic concepts and theories and you will learn to analyse and evaluate the positives and limitations of economic models. You will explore ideas, within a more global context, such as the impacts of globalisation, how firms grow and compete within markets, how countries develop and improve their living standards and why monopolies can bring benefits as well as costs to society