The course is divided into Micro Economics (Individuals, firms, markets and market failure) and Macro Economics (the national and international economy). The Micro part of the course looks at price determination, (demand and supply), costs and revenues, the allocation of resources, theory of the firm (e.g. perfect competition, monopoly, oligopoly), the labour market, poverty/wealth/inequality, the causes of market failure and how Governments intervene in markets.
In the Macro part of the course students will study how economic performance, (e.g. inflation, unemployment, GDP growth) can be measured, how the economy works, financial markets and monetary policy, Government spending and taxation, and the international economy.
Economics involves developing an understanding of the way the world around us works. It is a formal written subject with a significant mathematical content.
A grade 6 in Maths and a keen interest in current affairs. A grade 5 student may be considered if they are very close to the grade 6 boundary and are highly recommended by their GCSE Mathematics teacher. Students should have good mathematical skills and be able to produce significant pieces of written work (including essays) for homework, classwork and examinations. Students will need to be well organised and committed to study both inside and outside lessons.
Economics can be combined well with both Arts and Science subjects. The course will develop your ability to analyse, evaluate and apply theory to real world situations. Economics is a highly marketable social science subject. At University the possibilities of using Economics are almost endless. There is a rapidly expanding market for professional economists in industry and commerce. Moreover, Economics plays an important part in various aspects of Business courses. Graduates in Economics are amongst the most highly sought after in the job market. Those thinking of a commercial, managerial or professional career e.g. Accountancy, Banking, Insurance, Retailing or Marketing will also find Economics useful. For some professional examinations, such as Accountancy and Banking, Economics is a required subject.