Economics is the study of how scarce resources can be used in the best way possible.
Individuals, businesses and governments are confronted with the Central Economic Problem where they must find ways to go around this problem of limited resources without making it difficult or impossible for future generations to achieve their needs and wants.
Learning Outcomes
Basic Economic Concepts and Resource Allocation
I can formulate and pursue enquiries into aspects of the material world using basic economic concepts as well as tools such as the Production Possibility curve to help me explain how to best allocate scarce resources.
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The Price Mechanism and its application to particular markets
I can use my knowledge and understanding of the market forces of demand and supply and of the price elasticities of demand (PED) and supply (PES) to explain and predict changes in a free market and to apply them not only to the commodities market but also to the property market and the labour market.
The Production function in the Short run and in the Long run
I can compare and contrast how output and costs change when a firm employs more of all the resources (long run) and when a firm employs more of only some resources (short run).
Market failure and Government response
I can use economic concepts to help me explore contemporary social, environmental and related issues and to think about challenges and opportunities that these issues raise.
National Income: measurement, interpretation and determination
I can use my understanding of national income data to evaluate and to predict changes in economic performance.
Inflation and Unemployment
I can use my understanding of the roles of money and credit institutions, sources of finance, interest rates and the RPI/HICP to examine and assess the impact of inflation and to examine policies intended to reduce the level of unemployment.
International trade
I can understand how Economics can help me reflect on issues of trade between countries and to understand the impact of countries having different currencies and that of countries using a common currency.
Economic growth, economic development and the distribution of income and wealth
I can use my knowledge in Economics to assess economic growth, economic development and income distribution both within a country and between developed and less developed countries in light of the United Nations’ Sustainable Development Goals (SDGs).
Macroeconomic policy
I can apply my understanding of macroeconomic concepts to inform my thinking about large-scale problem solving in local contexts, to help me think about global challenges and to think critically about the impact of macroeconomic solutions on the environment and on resource sustainability.