Economics

Course summary

The course explores both macro and micro economics, initially from the perspective of the British economy, before broadening focus to take a global perspective. WHAT IS ECONOMICS? Economics can be boiled down to one fundamental question – the world contains a limited quantity of resources, but how do we balance that against the infinite wants and needs of humanity? This subject explores the interactions of households, firms and governments as they seek to balance competing demands on our scarce resources. WHAT DO I NEED TO KNOW, OR BE ABLE TO DO, BEFORE TAKING THIS COURSE? No prior knowledge of economics is needed, but prior study of either Economics, finance or Business may confer some advantage. This subject is best suited to students who are equally at home reading case studies and scrutinising numerical data. WHAT WILL I LEARN? Theme 1: Introduction to markets and market failure focuses on micro economics, building an understanding the concept of economics and its status as a social science, how markets work, what causes them to fail and how governments can intervene to resolve market failure. Theme 2: The UK economy –performance and policies focuses on macro economics, considering how economic performance can be measured at the national level, how economic growth occurs, the consequences of growth and the government objectives for the macro economy and the policies they use to influence it. Theme 3: Business behaviour and the, labour market examines advanced microeconomic theory. Initially examining firms, how and why they grow and the objectives they aim to achieve, the focus then shifts to the structure of markets and the issues these can create before focussing on the economics of the labour market, exploring influences on the supply of and demand for labour, before concluding with an examination of the ways that governments may intervene in labour markets. Theme 4: A global perspective focuses on macro economics at the global level, exploring globalisation, poverty and inequality, economic development, banking and finance, before concluding with an examination of macro policies at the global level. IS THIS THE RIGHT SUBJECT FOR ME? Keynes said that a good economist is a “…mathematician, historian, statesman, philosopher – in some degree…”. This course will help you to develop a better understanding of the world around you. Economics helps us understand important issues such as why we have to pay taxes, why we buy so much of our food and clothes from countries that are thousands of miles away, why coffee is more expensive at train stations than on your local high street, why women earn less money than men, why global warming and why musicians get paid so little when you listen to their songs on Spotify compared to if you bought their music on Vinyl. OPPORTUNITIES AFTER STUDYING THE COURSE Economics A Level is valued by Russell Group universities and would provide useful preparation for a range of degrees in humanities and social science subjects. Students considering studying economics as an undergraduate should consider studying this subject alongside A Level Mathematics. Other Humanities subjects also complement Economics well. Aside from supporting applications for a number of degrees, A Level Economists can apply for a range of apprenticeship schemes including the Civil Service Economics apprenticeship scheme and traineeships offered by leading management consultancy firms such as Accenture.