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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.

 
 

0800 783 6095