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Economics

Summary

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.

Course details

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

Entry Criteria

GCSE grade 6 in Economics or GCSE Grade B in Business Studies if studied, and GCSE grade 6 in Mathematics and grade 5 in  English Language