Economics

Course summary

According to the Oxford English dictionary, economics is “the branch of knowledge concerned with the production, consumption, and transfer of wealth”. Arguably, economics ultimately underpins everything we humans do and studying the way in which people and markets interact can explain why people and governments act in certain ways.Economics can be subdivided into two different categories – Macroeconomics, and Microeconomics: Macroeconomics looks at Economics from a broad point of view, analysing the economic output of entire countries. Microeconomics focuses on the actions of individuals and industries within the economy. Topics studied at A Level Individuals, firms, markets, and market failure – Microeconomics 1 Economic methodology and the economic problem 2 Individual economic decision making 3 Price determination in a competitive market 4 Production, costs and revenue 5 Perfect competition, imperfectly competitive markets and monopoly 6 The labour market 7 The distribution of income and wealth: poverty and inequality 8 The market mechanism, market failure and government intervention. The national and international economy - Macroeconomics 9 The measurement of macroeconomic performance 10 How the macroeconomy works: the circular flow of income, AD/AS analysis, 11 Economic performance 12 Financial markets and monetary policy 13 Fiscal policy and supply-side policies 14 The international economy.