An understanding of how an economy works at a micro and macro level is crucial in making decisions such as how to vote in a general election and how major events in a country are likely to affect business now and into the longer term. Students thrive on this course when they are curious about the world and how it works.
Theme 1: Introduction to markets and market failure: This theme focuses on microeconomic concepts. Students will develop an understanding of: The nature of economics, how markets work, market failure and government intervention.
Theme 2: The UK economy – performance and policies: This theme focuses on macroeconomic concepts. Students will develop an understanding of: Measures of economic performance, aggregate demand, aggregate supply, national income, economic growth, macroeconomic objectives and policy.
Theme 3: Business behaviour and the labour market: This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of: Business growth, business objectives, revenues, costs and profits, market structures, the labour market and government intervention.
Theme 4: A global perspective: This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of: International economics, poverty and inequality, emerging and developing economies, the financial sector and the role of the state in the macro economy.
GCSE Economics Grade 6 if studied; and GCSE Grade 6 in both English and Mathematics.
Combines well with Mathematics for Economics at university. Some universities don’t accept a combination with Business Studies.
