Economics A-Level

Course summary

Year 12. The operation of markets and market failure. The focus of this unit is on how well the forces of demand and supply allocate scarce resources in a market economy. You will learn about why markets don’t always work well and why it may be necessary for government to intervene to improve the allocation of resources. The national economy: This unit focuses on the government’s macroeconomic targets (such as stable economic growth and low unemployment) and how economic policy can be applied to help achieve these targets. Year 13 You will study all the topics covered in Year 12 in greater detail as well as: Individuals, firms, markets and market failure: Individual economic decision making Production, costs and revenue Perfect competition, imperfectly competitive markets and monopoly The labour market The distribution of income and wealth: poverty and inequality The national and international economy: Financial markets and monetary policy Fiscal policy and supply-side policies The international economy