Welcome to Economics
Economics is an absorbing, interesting and relevant social science providing answers to everyday questions about the economy through a logical and questioning approach. The subject helps students to develop both a logical and an analytical and debating approach to their study. A course in economics teaches students to think clearly about how economic forces affect both how business works and how government operates. It is business and government that affects the standard of our lives It assist students in many career paths within industry, the City and government and is highly valued by employers. All occupations whether in the arts or science have to work and exist within a business and economic context and so an understanding of these forces is useful for all employees.
What you will study
Year 1 develops the foundations and skills that can be transferred to concepts studied later in the course. It is not necessary to have studied economics previously but this would be helpful. Students are exposed to the fundamental ideas of markets, costs and benefits, externalities and aggregate demand throughout the course but it is essential to understand these ideas in Year 1.
Year 1 and year 2 will contain both microeconomics (the behaviour of individual markets) and macroeconomics (the behaviour of the economy as a whole). Year 1 will be approximately 70 % microeconomics (prices, competition, market problems) and 30% macro-economics (GNP, unemployment, inflation).
Year 2 will be 70 % macroeconomics and 30 % micro-economics ; attention will be on trade ,economic growth and government economic policy. In addition more emphasis will be given to more current ideas such as contestability ,the UK and Brexit and behavioural economics.
Assessment will in the form of two exam papers with a mixture of data analysis (tables, figures) multiple choice questions and essay questions.
Other Opportunities in Economics at NMSC
Throughout the course, students will be encouraged to get to know and familiarise themselves with current economic issues by using robust economics/information websites like economicsonline and gov.uk and in quality magazine publications like The Economist.
These issues will be debated from an economics perspective This knowledge and discussion will not only assist their exam performance but also help each student gain confidence and capabilities which they can take through to University application and study and to the workplace.