The aim of the course is to give you a thorough understanding of the key theory underpinning Economics, and to show you how to apply this understanding to a range of question types.
By the end of the course therefore, students can expect:
• To have substantially increased their understanding of key areas of economic theory.
• To have developed/consolidated their knowledge across a variety of subject areas.
• To have improved exam technique in terms of essay structure, integration of diagrams and data handling.
Our approach is one solidly rooted in the need to convey the principles of economic theory as clearly and straightforwardly as possible. Starting with the basics of each topic, we will ensure that any misunderstandings
are eliminated through careful explanation, and will show how to answer questions on different topic areas.
Time will be spent giving advice on how to answer different exam elements and on how to incorporate economic theory effectively into answers. Students will be given the opportunity to work on these skills during the course.
AS Topics
The course will be drawn from the areas listed below:
Micro: Supply and demand - the basics plus application to a variety of contexts (labour markets, exchange rates, inter-relationships between markets, agriculture, taxes and subsidies etc). Elasticity - diagrams, calculations and application. Market failure and imperfections - public goods, merit/demerit goods, monopoly power etc.
Macro: AS/AD theory; Keynes vs. Classics. Basics of key policy objectives - unemployment, inflation, economic growth, balance of payments. Basics of government policy - fiscal, monetary, supply side. Introduction to exchange rates and international trade.
It is unlikely to be possible to cover all these areas, however.
A2 Topics
The course will be drawn from the areas listed below:
Micro: Theory of the firm - SR/LR costs, perfect competition, monopolistic competition, oligopoly, monopoly, regulation, collusion, contestability, privatisation.
Macro: Economic growth and living standards. Inflation, unemployment (including NAIRU/ Natural rate) and the Phillips Curve. Monetary Policy, Fiscal Policy and the conflict of policy objectives. International trade, exchange rates and protectionism. The balance of payments. European Monetary Union.
It is unlikely to be possible to cover all these areas, however.
