Video Tasters & Try It Out

1 - Introduction to Micro and Macroeconomics

Introduction

This is a part of a lesson that introduces you to the two sides of the Economics course that are studied in both first and second year. Microeconomics is covered in Theme 1 and Theme 3. Macroeconomics is covered in Theme 2 and Theme 4.

What is the Difference between Micro and Macroeconomics?

What is the difference between micro and macroeconomics? This short video explains the difference for all students just about to begin their studies of Economics

Microeconomics considers the economics of everyday life, the decisions that we as households take and the impact of businesses in different and often related industries.

Macroeconomics is the study of the economy as a whole and it also analyses the global (international) economic system.

Over to you!

Having watch the video click this link to test your understanding of macro and microeconomics using the online flashcards.

2 - Measuring Economic Activity

Measuring Economic Activity - Gross Domestic Product

Introduction

In this second introductory video, we introduce a key concept – gross domestic product – a measure of economic activity.

Gross domestic product measures the monetary value of a country’s output of goods and services

GDP remains an important indicator for many including the financial markets

GDP as a concept that dates from the second world war and the Great Depression when politicians wanted to have a measure that set out what was happening to the economy as a whole.

Over to you!

Click this link and read the article on sectors of the economy to deepen your understanding. Using your new knowledge try and illustrate the main sectors of the economy in one diagram - you can do this on paper, computer or simply think about it.

3 - The Changing World Economy

The Changing World Economy

In this video we build on our initial introduction to GDP (gross domestic product) to look at the largest economies in the world. We rank which countries are the richest and poorest in the world using GDP per capita as a guide. Finally we also explore how the balance of world national output is changing.

Over to you - to find out more!

If you want to find out more about the latest figures for the UK economy, then head to the UK Parliament Research page which always gives up to date figures explained in a clear way. This link takes you to their main page for the UK economy.

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