Theme 1: Introduction to markets and market failure 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 remedies. You will learn how to apply supply and demand analysis to real-world situations and be able to offer explanations of consumer behaviour. This will involve looking at both how consumers act in a rational way to maximise utility and how firms maximise profit, but also why consumers may not behave rationally. Having investigated how markets work, you will then look at market failure. They will look at the nature and causes of market failure before considering the strengths and weaknesses of possible government intervention to remedy market failures. This theme will provide a coherent coverage of microeconomic content with students drawing on local, national and global contexts. Theme 2: The UK economy – performance and policies This unit introduces the key measures of economic performance and the main objectives and instruments of economic policy. You will gain an in depth understanding of how inflation, unemployment, economic growth, the exchange rate and the balance of payments affect our lives and additionally how the Government, the Bank of England, the EU and other institutions attempt to control the economy. You will be introduced to the aggregate demand/aggregate supply model so that they can use it to analyse changes in real output and the price level. You will: examine the use of demand-side policies, supply-side policies and direct controls as means of improving an economy's performance; recognise the underlying assumptions; predict the likely impact and effectiveness of such policies; and consider these in an historical context.
Name: Economics Qualification title: GCE A Level in Economics Qualification type: Assessment Awarding Pearson Education Ltd (Formerly EDEXCEL) Created 20150702 14:11:59 Updated 20150708 14:20:03
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Southend High School for Girls
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Title: GCE A Level in Economics Qualification: GCE A Level in Economics Classification: Social Sciences