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Governments, businesses and individuals are all faced with making choices in situations where resources are scarce. As a result, Economics is applicable in a wide range of fields and jobs, including business, finance, administration, law, local and national government and, indeed, most aspects of everyday life.

Students will understand and learn the following from studying economics

  • Decision making theories involved in allocating scarce resources and producing goods and services
  • Models used to explain the real world and make predictions about it
  • Use of tools to understand the decisions made by others and how best to make informed decisions for the future

Economics is not only about numbers and money. It is about understanding people and how we react to incentives and therefore this subject is both and art and a science.

Topics you may cover

  • Macro-economics: looks at the bigger picture and is about the outcomes for the entire economy as a whole therefore areas of focus are on income, growth, inflation, interest rates and unemployment. It aims to look at the impact of decisions on the social, political, environmental and economic sectors of society.
  • Micro-economics: studying micro-economics will aid a student with key skills around decision making by individual consumers and firms, understanding how resources are priced and allocated through markets by principles of supply and demand.
  • International Trade: looks at theories behind explaining the pattern of international trade amongst partners and the effects of government intervention through international trade policy. Also involves gaining an understanding of how the exchange rate impacts trading across borders. 
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