Economics is the study of how resources are allocated to meet the needs and wants of society. It attempts to explain how and why individuals behave the way they do and the consequences of their decision making. Studying Economics as a social science enables students to gain valuable insight into the economic problems that they may face on an individual basis and collectively as a society to meet the needs and wants of citizens, and may therefore assist them in making more informed and responsible decisions.
UNIT 1 - Economic decision - making
Economics is a dynamic and constantly evolving field. As a social science, Economics is interested in the way humans behave and the decisions made to meet the needs and wants of society. In this unit students explore their role in the economy, how they interact with businesses and the way economic models and theories have been developed to explain the causes and effects of human action. Students explore some fundamental economic concepts. They examine basic economic models where consumers and businesses engage in mutually beneficial transactions and investigate the motivations and consequences of both consumer and business behaviour. They examine how individuals might respond to incentives and how technology may have altered the way businesses and consumers interact. Students are encouraged to investigate contemporary examples and case studies to enhance their understanding of the introductory economic concepts. Students examine a simple microeconomic model to explain changes in prices and quantities traded. Through close examination of one or more key markets they gain insight into the factors that may affect the way resources are allocated in an economy and how market power can affect efficiency and living standards.
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UNIT 2 - Economic issues and living standards
A core principle of economics is maximising the living standards of society. This is done through economic decisions that optimise the use of resources to produce goods and services that satisfy human needs and wants. Economic activity is therefore a key consideration for economics. Students consider the link between economic activity and economic growth and investigate the importance of economic growth in raising living standards. They evaluate the benefits and costs of continued economic growth and consider the extent to which our current measurements of living standards are adequate.
Economics provides useful tools for investigating contemporary issues that inspire debate and wide differences in opinion. Students undertake an applied economic analysis of two contemporary economics issues from a local, national and international perspective. They use the tools of data collection, analysis, synthesis and evaluation to examine the issue through an economics lens. They do this through investigation of the economic factors influencing the issue and via examination of its economic importance at a local, national and international level. Students consider the perspectives of relevant economic agents and evaluate the validity and effectiveness of individual and collective responses to the issue.
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Recommendations:
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