Economics

Course summary

Qualification Code 60141050 What is Economics? Economics is neither an art nor a science subject. It is both. Any student, whether they are numerical or analytical, should consider Economics for their A levels. “Economics is concerned with how society sets about meeting people's demands for things they want to consume. It looks at the production, consumption and sale of goods and services, both at the level of individual products, firms and consumers and at the level of the total production and consumption by countries. It also compares alternative ways of using the limited resources that countries and individuals possess and considers how efficient and/or fair such alternatives are.” The course is split into 4 themes that cover different areas of economics: Theme 1: Introduction to markets and market failure. The nature of economics, how markets work, market failure & government intervention. Theme 2: The UK Economy – performance and policies. Measures of economic performance, Aggregate Demand, Aggregate Supply, National Income, Economic Growth, Macroeconomic Objectives and Policy. Theme 3: Business behaviour and the labour market. Business growth, business objectives, revenues, costs and profits, market structures, the labour market & government intervention. Theme 4: A global perspective International economics, poverty and inequality, emerging and developing economies, the financial sector & the role of the state in the macroeconomy.