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Economics

Subject content:

  • 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
  • The international economy

A-level Economics will give you an excellent understanding of how economies allocate their scarce resources to meet the needs and wants of people in the economy. You will develop an understanding of the economic problems which face individuals, firms and governments on a local, national and global level and the alternative ways these problems can be resolved. You will investigate microeconomic topics such as how individual decisions impact economic outcomes, the importance of competition,how markets operate and why they fail and how the distribution of income and wealth is affected. You will also learn about macroeconomics, looking at the ‘big picture’ of how our national economy fits into the global context, the global impact of financial markets and monetary policy and the operation of the international economy.

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