Economics 1
This Unit is designed to expose you to microeconomic and macroeconomic applications of theory. It allows the introduction of current issues in economics and provides an opportunity for you to analyse and evaluate them. The Unit has 3 Outcomes, introducing you to:
- Costs, the structure of markets and the role of profit.
- Unemployment and inflation.
- The government's use of revenue and expenditure.
This Unit introduces you to Microeconomic theory, in Outcome 1, where you are looking at the behaviour of groups within the economy. You are then introduced to Macroeconomic theory, where you look at the study of the economy as a whole in Outcomes 2 and 3.
To achieve a pass in this Unit you will be asked to complete two assessments, the first is an open-book essay or report that you will complete without supervision. It is expected that your response will be of no more than 1,000 words.
The second assessment is closed-book that you will be able to prepare for it through your own research. This research will take the form of written notes containing graphs, tables and other material relevant to the topic. The topic will be notified to you one week in advance. You will be asked to submit your researched material with your assessment answer.
