This subject is taught at AS/A2 level, and at Standard and Higher Level in the International Baccalaureate.
SFC1 (AS)
Competitive markets – how they work and why they fail. This is a microeconomic introduction to the theories of supply and demand (the firm and the consumer), and how markets may also fail to allocate resources efficiently.
Managing the economy: an introduction to macroeconomics, with particular emphasis on the factors affecting aggregate supply and demand across the whole economy; inflation, growth, unemployment and the balance of payments; indicators of human development.
SFC2 (A2)
Business economics and economic efficiency: continuing analysis of the motives and operations of the firm.
The global economy: continuing our work on macroeconomics with analysis of Britain's place in the world economy, with an emphasis on issues and problems in both the developed and developing world.
SFC1 and SFC2 (IB)
The subject matter is similar to A level, divided into 5 parts over the 2 years:
Section 1: Introduction to economics
Section 2: Microeconomics
Section 3: Macroeconomics
Section 4: International economics
Section 5: Development economics
The Higher programme shares a common core with Standard, with more advanced topics in each section.
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