Economics

Course summary

You will learn about how the economy works and how individuals and firms make decisions. The course also looks at the policies adopted by policymakers to help improve society, both nationally and internationally. Without some knowledge of economics, it is impossible to understand the world in which we live. Every day, the media report on economic issues such as unemployment, inflation (rising prices), economic growth, government spending and taxation, exchange rates, international trade, and share/commodity prices and exchange rate movements. Economics is a rigorous and rewarding academic subject that is well respected by universities and employers alike. Studying Economics will help you to consider and discover when politicians are not telling the economic truth. A qualification in Economics is an excellent basis for a career in different areas. Many other subjects complement Economics, such as Mathematics, Politics, Geography, History, and Science. The course will cover: Year 12: Operation of markets and market failure Whilst studying this area you will cover topics like the economic problem and economic methodology; price determination in a competitive market; production, costs, and revenue; competitive and concentrated markets; the market mechanism, market failure, and government intervention in markets. The national economy in a global context Whilst studying this area you will cover topics like the measurement of macroeconomic performance; how the macroeconomy works; the circular flow of income, aggregate demand/aggregate supply analysis and related concepts; economic performance, and macroeconomic policy. Year 13: Individuals, firms, markets, and market failure Whilst studying this area you will cover topics like individual economic decision-making; production, costs, and revenue; perfect competition, imperfectly competitive markets, and monopoly; the labor market; the distribution of income and wealth: poverty and inequality and the market mechanism, market failure, and government intervention in markets. The national and international economy Whilst studying this area you will cover topics like the measurement of macroeconomic performance; how the macroeconomy works: the circular flow of income, AD/AS analysis and related concepts; economic performance; financial markets and monetary policy; fiscal policy and supply-side policies; and the international economy.