Economics

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 maths and English, 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.