Economics

Course summary

Economics looks at how societies deal with the scarcity of resources and the role of government in dealing with the economic problems that stem from this. Microeconomics considers the rationale behind the behaviour of consumers and firms, whilst macroeconomics investigates issues such as inflation, unemployment and international trade. Students will apply economic theories and concepts to current issues such as Austerity, the EU financial crisis, financial markets, global warming, globalisation and the growing inequality in modern economies. Economics is the branch of social science that deals with the production, distribution and consumption of goods and services, and their management, alongside the various related problems of labour, finance, taxation, etc. You don’t need to have studied the subject before to be successful. The A level course is divided into two discrete areas of study: 1. Microeconomics: involving scarcity & choice, markets (demand & supply), resource allocation and market failure. 2. Macroeconomics: involving macroeconomic objectives, aggregate demand & aggregate supply, policy instruments and international trade.