Economics is concerned with allocating scarce resources in the most efficient way. Think of your choices about how you spend your money or the choice you make to spend your time doing homework rather than getting a part time job! By learning about economic principles and concepts you will be able to analyse and explain why businesses and individuals react in certain ways when faced with various situations.
Section 1 � Individuals, firms, markets and market failure
This is a micro-economics unit that ensures pupils gain an appreciation of the allocation of resources, the market model and selected aspects of what makes markets efficient or sees them fail.
- The economic problem and economic methodology
- Individual economic decision making
- Price determination in a competitive market
- Production, costs and revenue
- Perfect competition, imperfectly competitive markets and monopoly
- The labour market
- The distribution of income and wealth: poverty and inequality
- The market mechanism, market failure and government intervention in markets
Section 2 � The National and International Economy
This unit sees pupils introduced to how levels of macro-economic activity are determined and also investigates key national and international economic indicators, policies and problems.
- The measurement of macroeconomic performance
- How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
- Economic performance
- Financial markets and monetary policy
- Fiscal policy and supply-side policies
- The international economy
A LEVEL � Available in Year 13
Markets and Market Failure (Section 1)
The National and International Economy (Section 2)
Economic principles and issues (Sections 1& 2)