Economics

Economics is a dynamic social science, forming part of the study of individuals and societies. The study of economics is essentially about the concept of scarcity and the problem of resource allocation.

Our aim is for students to enjoy the subject and develop skills and knowledge in Economics. Our objective is to manage their learning process so that they fulfil their potential and achieve as good as possible results.

By the end of the Course, students will be expected to:-

  • Have an understanding and knowledge of economic concepts and theories.
  • Apply economic theory to a range of circumstances and a variety of situations.
  • Analyse information through the use of economic concepts and theories.
  • Evaluate concepts and theories from different economic perspectives.

Curriculum

We look at four separate areas of Economics over the two years of study, which are as follows:-

Markets – How They Work and Why They Fail (Unit 1)

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.

Managing the Economy (Unit 2)

This unit provides an introduction to the key measures of macro economic performance and the main objectives and instruments of economic policy.

Business Economics and Economic Efficiency (Unit 3)

This unit examines how pricing and the nature of competition between firms is affected by the number and size of market participants. Pricing and output decisions of firms are studied in different contexts. An appraisal of government intervention aimed at promoting competitive markets is also undertaken.

The Global Economy (Unit 4)

Analysis and evaluation of economic models are used in a global context and an assessment of policies used to deal with economic problems. Trends and developments in the global economy over the last ten years are also studied and case studies of developing countries undertaken.

IB

We look at five separate areas of Economics over the two years of study, which are as follows:-

Introduction to Economics

An introduction to the basic terminology and concepts of economics including the use of data analysis, diagrams and the role of economics in real-world situations.

Microeconomics

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.

It also examines how pricing and the nature of competition between firms is affected by the number and size of market participants. Pricing and output decisions of firms are studied in different contexts.

Macroeconomics

This unit provides an introduction to the key measures of macroeconomic performance and the main objectives and instruments of economic policy. Students have the opportunity to examine economic growth, unemployment, inflation and income distribution. Strategies available to governments are introduced and evaluated.

International Economics

A study of why countries trade, the problems involved and how these problems are addressed.

Development Economics

This topic provides students with the opportunity to understand the problems faced by developing countries, and to develop an awareness of possible solutions to these problems.

Students are taught to consider economic theories, ideas and events from the viewpoint of individuals, nations and cultures in the world economy, with the aim of appreciating the contribution of economics to the understanding of the wider economic and social environment.

Extra-curricular

The Economics Society

To help develop students’ interest, enjoyment and understanding of this exciting and relevant subject, the Economics Society meets four times a year. It takes a variety of formats – outside speakers, lectures, films and social events.

Higher Education and Career Opportunities

Economics is a popular subject to study at University, with typical requirements of AAA – ABB for the top universities. Many Gresham’s students choose to read Economics to degree level.

This subject is ideal for pursuing careers which require decision making, including Accountancy, Banking & Finance, Civil Service, Law and Management in all industries.