Economics

Course summary

Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms. The economic way of thinking can help us make better choices. Theme 1: Introduction to markets and market failure. At the end of this unit you will be able to understand how the price mechanism is a means of allocating resources. You will investigate why markets might not allocate resources efficiently and discuss different methods for dealing with market failure through taxes for example. Theme 2: The UK Economy – performance and policies. In this unit students will research and discuss various government policies used to boost growth and reduce unemployment. For example, would a reduction in Job Seekers Allowance (JSA) encourage individuals to find work? Theme 3: Business behaviour and the labour market. In this unit students will learn why businesses objectives are governed by the characteristics of the industry they operate in. Students will also learn how to draw complex graphs to help you further understand the behaviour of these firms. Theme 4: A global perspective. This unit is an extension of unit 2 where you learn about various government policies to boost economic growth. However, the main focus will be on the international economy. You will learn all about the European Union (EU), the European Monetary Union (EMU) and how the global recession has affected the relations between member states. Note: Theme 1 and Theme 3 will taught in year 12. And Theme 2 and 4 will be taught in Year 13.