Page 20 - Sixth Form Options Booklet

ECONOMICS

ECONOMEG

Economics is a subject that helps students improve their understanding of the world in which we live and work.
Decisions that Sixth Form students make about their educational future are essentially economic, and reflect anticipated
costs and benefits. The subject matter is always topical and will be enjoyed by those who like reading about current
affairs, arguing, debating and formulating their own opinions about the world in which we live:
• Should we pay more taxes or cut public services?
• Do we do enough to help less economically developed countries?
• Is it right that we bail out the banks?
• Are energy companies ripping us off?
• Should alcohol be taxed more to reduce binge drinking?

Year 12 - AS

Unit 1: Introduction to Economics (Micro Economics): This unit provides an introduction to the nature of economics and
examines how the price mechanism allocates resources in markets. It analyses the nature of market failure, its causes
and possible policy remedies. At the end of this unit, students should be able to apply supply and demand analysis to
real-world situations; to understand why markets might not allocate resources efficiently; and the methods of dealing
with market failure, together with an evaluation of their effectiveness.

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