Economics is the study of choice: in a world with only limited resources, how do individuals, businesses and governments decide what to prioritise? The course teaches how decisions are made and is comprised of four themes. You will explore the first two themes in your first year. Themes three and four will then be studied during Year 13.
Theme 1: Introduction to Markets and Market Failure looks at questions such as: Why can’t things be free? Who decides the price of bread? Why is it so hard to find a decent second-hand car? Will a cap on rented housing work? How can we reduce obesity rates?
Theme 2: The UK Economy - Performance and Policies looks at questions such as: Why can’t governments just print more money to fund public services? What caused the 2008 financial crash? How can we reduce unemployment? Can countries grow whilst protecting the environment?
Theme 3: Business Behaviour and the Labour Market looks at questions such as: Why are some firms bigger than others? Should we renationalise the railways? Why do footballers earn more than nurses? How do businesses try to predict the reactions of their competitors?
Theme 4: A Global Perspective looks at questions such as: Why do countries trade? Should we increase our foreign aid contributions? What can we do about inequality? Who is responsible for monitoring the behaviour of banks?
There are three x 2 hour written papers, consisting of multiple choice questions, calculations, analysis of a case study and essay questions.
- Global Development
- Building chains or
- Abstract thinking
- Familiarity of current
- Evaluating ideas
How does this course link to other subjects?
Economics is a hugely diverse subject. It covers sociological topics using the abstract analysis of Mathematics, the contextual analysis of History, the Psychology of bad-decisions, the policies of Government and Politics and the international aspect of Geography.