Economics

Course summary

Economics is the study of how people make decisions in their everyday world. Students study how individuals make rational decisions on what to buy and where to go and how organisations make decisions as to what to produce. These economic tools are used to explain the problems that we see in the daily news, and help us understand subjects, such as, why football players are paid so much, and how we can help the world’s poorer nations. Studying Economics will help students develop a range of applied skills that employers look for including, quantitative skills, the ability to analyse data, make reasoned evaluations from data and apply concepts to real life situations. Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms. An economic way of thinking can help you make better choices.. In Theme 1 and Theme 2 you will be introduced to the nature of economics, how markets work and why they fail. You will also consider the role of government and the UK economy. In Theme 3 and Theme 4 you will explore how businesses grow and compete, the labour mar-ket and how the government intervenes to make markets work better. You will also explore international trade, inequality within and between countries, emerging and developing economies, and the public finances. You will also have an opportunity to consider the role and impact of the financial sector.