Economics

Why choose Economics?

It is an exciting time to study economics. Many of the most important issues facing society are economic in nature. Whether you are concerned with global warming or global trade, whether you are looking at the collapse of world financial markets or the collapse of your neighbour’s small business, you can’t get far without knowledge of economics. This course aims to stimulate your interest in how economies work – at personal, national and world levels. A sample of the issues you will be encouraged to investigate are:

  • Why has the UK economy experienced both boom conditions and slumps in the past?
  • What determines the level of UK interest rates? Is a strong pound desirable?
  • Why are footballers paid more than nurses?
  • What are the implications of a national minimum wage?
  • Should the health service be provided by the state or the private sector?
  • Do the activities of multinationals assist or hinder the development of poor countries?
  • Why have African economies been slow to develop? Should we provide aid?

Course Outline

Theme 1: Introduction to markets and market failure including nature of economics, how markets work, market failure and government intervention.
Theme 2: The UK economy - performance and policies including measures of economic performance, aggregate demand, aggregate supply, national income, economic growth and macroeconomic objectives and policy.
Theme 3: Business behaviour and the labour market including business growth, business objectives, revenues, costs and profits, market structures, labour market and government intervention.
Theme 4: A global perspective including international economics, poverty and inequality, emerging and developing economies, the financial sector and role of the state in the macroeconomy.

Entry Requirements

GCSE grade B in English Language or Literature, and GCSE grade B in Maths.

Awarding Body

Edexcel