Economics

Course summary

Economics is highly rated by Oxbridge and Russell Group universities as one of the more academically challenging social sciences. As it is a subject unique in its field, it deserves the attentions of students who wish to be challenged with rigorous and complicated materials. Economics requires a great deal of further reading for students. Regular examination of business news, market information and economic-related blogs will help increase the chances of getting the most out of the subject. The most important skill in economics is being able to evaluate the impact of policy on the macro and microeconomic environment, and therefore an interest in the political world can also help in this topic. There are a wide range of resources available such as ‘The Economist’, ‘The Financial Times’ and other online materials and economic blogs including the BBC and other media sites. Topics Covered The topics that are covered at A Level are split into micro and macro economic topics. They include: The operation of markets and market failure (microeconomics) • economic methodology and the economic problem • price determination in a competitive market • competitive and concentrated markets • the market mechanism, market failure and government intervention in markets. The national economy (macroeconomics) • the measurement of macroeconomic performance • how the macro economy works, including the circular flow of income, AD/AS analysis, and related concepts • economic performance • macroeconomic policy.