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There are so many economic changes happening every day in the news. How good would it be to fully understand these and be able to discuss and voice your opinion? Economics gives you the knowledge and skills to be able to understand changes that affect you now and in the future. It is interesting, relevant and there is no more exciting time to be studying Economics than now!
WHAT YOU WILL STUDY
WHAT YOU WILL STUDY
Year 12
The operation of markets and market failure; Economic methodology and the economic problem, 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: The measurement of macroeconomic performance; how the macroeconomy works; the circular flow of income; AD/AS analysis; and related concepts; economic performance and macroeconomic policy.
Year 13
Individuals, firms, markets and market failure: Economic methodology and the economic problem; individual economic decision making; price determination in a competitive market; 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: The measurement of macroeconomic performance; how the macroeconomy works; the circular flow of income; AD/AS analysis and related concepts; economic performance; financial markets and monetary policy; fiscal policy and supply-side policies and the international economy
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