Economics

Course summary

Economics is a fascinating subject that explores the decisions that all groups (consumers, government, businesses, society) make based on the principle, wants and needs are infinite but resources are scarce. The subject combines traditional economic theories with current events so lessons are always relatable to what is going on in the world today. First Year Introduction to markets and market failure, microeconomic concepts Nature of economics; How markets work; Market failure; Government intervention The UK Economy - performance and policies, macroeconomic concepts Measures of economic performance; Aggregate demand and aggregate supply; National income and economic growth; Macroeconomic objectives and policy. Second Year Business behaviour and the labour market Business growth and business objectives; Revenues, costs and profits; Market structures; Labour market; Government intervention A global perspective International economics; Poverty and inequality; Emerging and developing economies; The financial sector; The role of the state in the macro economy