You will study two units in the first year and two more units in the second.

Year 1

1. ‘The Operation of Markets and Market Failure’: This unit gives you an introduction to microeconomics. You will look at different economic models and apply these to current issues. You will look at how supply and demand works, the operation of the price mechanism and what the causes of market failures are. You will evaluate different economic models to examine their strengths and weaknesses when applied to a real-world context.

2. ‘The National Economy in a Global Context’: This unit is an introduction to macroeconomics. You will explore what sits behind macroeconomic performance and how the circular flow of income operates. You will gain an understanding of aggregate demand and supply as well as how macroeconomic objectives around economic growth, inflation, employment, and international competitiveness are achieved. Lastly, you will also see how governments try to implement monetary, fiscal and supply policies to meet these macroeconomic objects.



Year 2

3. ‘Individuals, Firms, Markets and Market Failure’: This unit explores further how individuals make decisions using traditional theory and behaviour economics. New market structures including the meaning of monopolies and oligopolies are considered. Labour markets are also studied, including the impact of trade unions, dominant employers and discrimination on wage rates and levels of employment. The distribution of income & wealth and market failure and government intervention are further developed including the role of privatisation, nationalism, and competition policy.

4. ‘The National and International Economy’: This last unit further develops an understanding of the UK economy and government policies as well as developments in the world economy. You will look at how economic performance is measured and understood, including the key indicators that inform on economic performance, and explore different facets of economic performance and policy.