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Year 1
Year 1
Theme 1: Introduction to markets and market failure.
Theme 1: Introduction to markets and market failure.
This theme sets the foundation for the study of Economics and introduces the microeconomic nature of economics, looking at economic problems and the ways economists think and work. You will develop an understanding of how an economy functions and gain a new vocabulary, which will allow you to discuss economic issues.
This theme sets the foundation for the study of Economics and introduces the microeconomic nature of economics, looking at economic problems and the ways economists think and work. You will develop an understanding of how an economy functions and gain a new vocabulary, which will allow you to discuss economic issues.
This theme examines
This theme examines
- how markets work, how supply and demand interact to allocate resources in local, national and international markets.
- how to apply supply and demand analysis to real-world situations and offer explanations of consumer behaviour
- how consumers act in a rational way to maximise utility, how firms maximise profit and why consumers may not behave rationally.
- why markets fail, the nature and causes of market failure and the strengths and weaknesses of possible government intervention to remedy market failures.
Theme 2: The UK economy - performance and policies
Theme 2: The UK economy - performance and policies
The UK economy – performance and policies. This theme identifies what we expect the UK government to achieve. You will examine the effectiveness of policies that are aimed at achieving objectives such as economic growth, inflation and unemployment.
The UK economy – performance and policies. This theme identifies what we expect the UK government to achieve. You will examine the effectiveness of policies that are aimed at achieving objectives such as economic growth, inflation and unemployment.
This theme examines:
This theme examines:
- aggregate demand/aggregate supply model to analyse changes in real output and the price level
- the use of demand-side policies, supply-side policies and direct controls as means of improving an economy's performance
- the underlying assumptions and the likely impact and effectiveness of such policies; and consider these in an historical context.
- knowledge of the UK economy in the last 10 years.
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