Course aims
To provide a good basis for further study of economics or business studies.
Entry requirements
You will require a grade 6 or higher in mathematics and English Language, in addition to the general entry requirements.
Course content
The operation of markets and market failure
Topics include:
- The nature of economic activity covering production of goods and services
- Economic resources and the objectives of individual firms and governments
- The determinants of demand for goods and services and price and income elasticity
- The interrelationships between markets and how markets affect resource allocation
- Division of labour, adding value and output
- Market failure and reasons for government intervention.
The national economy in a global context
Topics include:
- Macroeconomic indicators and the economic cycle
- How demand affects the circular flow of income and price levels
- The determinants of demand and supply
- The objectives of government economic policies and how governments work towards economic growth
- How inflation and deflation affect the economy and the impact of demand-pull and cost-push inflation
- Macroeconomic policies including fiscal policy, monetary policy and supply-side policies.
Individuals, Firms, Markets and Market Failure
Topics include:
- The objectives of firms and divorce of ownership from control
- The law of diminishing returns and impact of economies and diseconomies of scale
- The impact of technological change on the structure of markets and the impact on business practices
- The concept of monopoly and oligopoly and the impact on firms and demand/supply within a market
- The demand and influences on the labour markets
- The impact of wage restrictions and legislation on the economy
- Public ownership, privatisation and regulation and deregulation of markets.
The National and International Economy
Topics include:
- The causes of change in the various phases in the economic cycle
- The use and limitations of national income and how unemployment impacts on the economy
- The impact of inflation and deflation on the economy and business
- The role and regulation of financial markets
- The impact of fiscal policies and supply-side policies and how the government attempts to manage the economic situation
- The impact of exchange rate policies and globalisation
- The issue of free trade and the impact of the WTO on business activities
- The concept of the balance of payments and how deficits impact on the economy.
Course assessment
You will be assessed by a series of external examinations.
Materials
You are provided with textbooks. However, you are required to provide all other materials.
Progress
Higher Education to study business, economics and management or employment.