Economics

Course summary

The aim of studying Economics is to apply economic theory to support an analysis of current economic problems and issues. Our aim is to introduce students to the concepts of both micro and macroeconomic theory and discuss the relationships between them. YEAR 12 The operation of markets and market failure: • Economic methodology and the economic problem • Price determination in a competitive market • Production, costs and revenue • Competitive and concentrated markets • The market mechanism, market failure and government intervention in markets The national economy in a global context: • The measurement of macroeconomic performance • How the macroeconomy works; the circular flow of income, AD/AS analysis and related concepts • Economic performance • Macroeconomic policy YEAR 13 Individuals, firms, markets and market failure: • Perfect completion, 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 Post 18 opportunities Students who study Economics are able to move onto university to read subjects such as Accountancy, Economics, Politics, International Relations and Mathematics. In addition, employers regard Economics highly as the subject incorporates many employability skills such as data analysis, evaluation of concepts and graphical annotation. The course also emphasises the application of economic theory to the real world environment, enabling students to gain a grasp of current affairs and the impact this has upon the economy as a whole. Destinations of students in the last two years: Portsmouth University – Economics Bournemouth University – Finance and Economics Expenses Students are required to purchase their own text books. There will also be periodic trips which will incur additional costs to help develop their understanding.