Economics

Course summary

Our course comprises four broad themes that between them cover a wide and fascinating range of key economic principles and real-life situations which are interweaved to provide an invaluable grounding in how the world works. Themes 1 and 3 cover microeconomics – ie the actions of individual people, households and business. Theme 1 looks at key concepts such as demand and supply, how they interact to determine prices, and how – and how effectively – governments intervene in free markets. Theme 3 considers these aspects in more detail, considering business behaviour and the labour market. In an autumn of constant news coverage of shortages, these issues have rarely been more essential to understand. Themes 2 and 4 consider macroeconomics – the relationships between economic variables at an economy-wide level. We discuss how inflation happens, what governments can do to combat unemployment, and how international trade and economic growth are pursued. Theme 4 considers these and other elements from a vital global perspective, considering, for example, the operation and impact of exchange rates, and the nature of emerging and developing economies. Theme 3 builds on students’ microeconomic work in Year 12 by covering issues such as business growth and objectives, revenues, costs and profits, market structures, and the labour market. Theme 4 takes students’ work on the UK economy in Year 12 and applies that learning to a global context. This enables students to develop an understanding of international economics, poverty and inequality, emerging and developing economies, the financial sector and the role of the state in managing the economy. Themes 1 and 2 are studied in year 12, followed by Themes 3 and 4 in (mostly) year 13.