Economics

Key Information & Topics

When students understand how markets and economies work, they will develop an economic awareness to benefit them personally and professionally for years to come. There will be lots of opportunities to talk about today's economic issues in  lessons. There will alway be new material available and discussions to have in an ever changing economic climate. You will develop communication, critical thinking and analytical skills through tasks based on anything from ways to cut the budget deficit, to weighing up the pros and cons of inflation or being part of free trade agreements.

The subject content looks at economic activity through the lens of consumers, producers, government and the workings of the global economy. As you go through the course you'll be presented with opportunities to focus on real-world issues. You will be expected to reflect upon moral, ethical and sustainable issues that arise as a result of the impact of economic activity.

Through studying ‘how markets work’ you will look at economic foundations such as the nature and purpose of economic activity, the factors of production and the importance of making choices. You will also look at how resources are allocated using a market mechanism.

When moving onto ‘how the economy works’ you’ll be introduced to the wider economy from the perspective of the main economic groups: consumers, producers and government. You will need to explore the significance of interest rates including their impact on saving, borrowing and spending.