Economics is the study of how society copes with the ‘economic problem’ – the existence of unlimited wants and scarce resources. How do consumers, firms and governments make decisions regarding resource allocation? As a society, how do we decide who gets what?
Microeconomics is the study of individual markets. It explores how supply and demand interact to determine the price of goods and services, and the quantity produced and consumed. Macroeconomics focuses on broader economic issues that apply at a national and international level. Students will learn about concepts such as economic growth, recession, unemployment, inflation, exchange rates and the distribution of income.
Economics is a highly respected qualification that will strongly underpin applications for university and employment in a wide range of professions. Specifically, it is associated with the financial, administrative and business sectors of the economy