Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms.
- What happens during an economic recession?
- Why does the UK economy work in the way it does and how is this different to other countries around the world?
You must have achieved at least 5 GCSEs at grades 4 or above including Maths and English Language, with at least a grade 6 in Maths.
Is this course for me?
- You are interested in economic issues and want to understand the theory and concepts behind them.
- You enjoy statistic techniques which will help you understand and analyse data – a valuable skill for Economics students.
- You feel comfortable interpreting both written and numerical data and want to improve these skills.
- You enjoy different learning approaches such as through case studies, examining websites, newspaper articles and other media.
- You enjoy learning how to apply your knowledge to economic decisions through exercises, visits and discussion.
Where does it lead?
Economics is always a useful subject as most people will have to deal with the impact of economic decisions and problems in both their personal and working life. Economics is highly regarded by all universities as an academic subject which provides a sound basis for degree study. Some students go on to study a general Economics course, or may choose to specialise in related subjects like Accountancy or Business Studies which all contain elements of Economics.
Even if you do not choose to study Economics at university, it is a useful supporting subject for Politics, Philosophy, Sociology, Law or History. Knowing some basic Economics will really help you understand the way politics works, and many historical events can be better analysed when placed in the right economic context.
What will I learn?
You will begin by examining the ‘Economic Problem’ – i.e. we have unlimited wants but scarce resources - and look at the choices which therefore need to be made. You will also examine how markets work – for instance how prices are determined - and what happens when markets do not work and the Government has to intervene by providing services.
You will study demand and supply in the whole economy and learn about economic indicators such as economic growth, inflation and unemployment. You will also look at Government objectives and policy and the economy at an international level.
You will examine work and leisure in more detail, including trends in employment and earnings. You will investigate labour demand, supply and wage determination. You will learn about market failure and the role of Government and Unions in the labour market.
This is Economics on a worldwide scale. You will learn about macroeconomic performance, trade and integration, economic development, sustainability and globalisation.
How will I be assessed?
All assessment for this course is through written examination at the end of the second year.
What activities can I get involved in?
There may also be opportunities for trips and visits at different points during the course, to better understand the context of Economics. Recent trips have included a tour of Cammell Lairds. Students can take part in The Student Investor Programme where they will manage a virtual portfolio of shares.