“Why should I study Economics?”
You will develop your knowledge of the UK economy and government policies, investigating how individual decisions impact economic outcomes, the importance of competition, how markets operate, why they fail and the distribution of wealth. You will also learn about macroeconomics, looking at the ‘big picture’ of how our national economy fits into the global context, the global impact of financial markets, monetary policy and the operation of the international economy.
“What will I study?”
In Year 12 you will cover:
Operation of market and market failure.
This unit will consider the economic problem and economic methodology, 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
In this unit you will look at measurement of macroeconomic performance, how the macro economy works, the circular flow of income, economic performance and macroeconomic policy.
In Year 13 you will build on the topics covered in the first year, whilst covering
Individuals, firms, markets and market failure
In this unit you will look at individual economic decision making, 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.
The national and international economy
This unit will focus on the measurement of macroeconomic performance, how the macro economy works: the circular flow of income, economic performance, financial markets and monetary policy, fiscal policy and supply-side policies and the international economy