Economics

Course summary

This course is designed to encourage candidates to develop an understanding of current economic issues that affect everyday life and apply economic concepts and theories in a range of contexts. Topics studied include: • Economic methodology and the economic problem • Individual economic decision making • Price determination in a competitive market • Production, costs and revenue • Perfect competition, imperfectly competitive markets and monopoly • The labour market • The distribution of income and wealth: poverty and inequality • The market mechanism, market failure and government intervention in markets • The measurement of macro-economic performance • How the macro-economy 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 • The international economy Students who choose to study the full A Level complete three external examinations at the end of two years of study.