To provide a good basis for further study of economics or business studies.
You will require a grade 6 or higher in maths and English, in addition to the general entry requirements.
The Operation of Markets and Market Failure
- The nature of economic activity covering production of
goods and services
- Economic resources and the objectives of individual firms
- 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
- Macroeconomic indicators and the economic cycle
- How demand affects the circular flow of income and
- 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
- The objectives of firms and divorce of ownership
- 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
- Public ownership, privatisation and regulation and
deregulation of markets.
The National and International Economy
- The causes of change in the various phases in the
- The use and limitations of national income and how
unemployment impacts on the economy
- The impact of inflation and deflation on the economy
- The role and regulation of financial markets
- The impact of fiscal policies and supply-side policies
and how the government attempts to manage the
- 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.
You will be assessed by a series of external examinations.
You are provided with textbooks. However, you are required to provide all other materials.
Higher Education to study business, economics and management or employment.