Economics is a highly academic discipline that looks at the macro and micro vantage points.
Macroeconomics examines the total output of a nation and the way the nation allocates its limited resources in an attempt to maximise production levels and promote trade and growth for future generations. Microeconomics looks at the level of the individual, be that people or firms, within the economy. It tends to be more scientific in its approach, and studies the parts that make up the whole economy.
Micro and macroeconomics are intertwined. As economists gain understanding of certain phenomena, they can help nations and individuals make more informed decisions when allocating resources. What we get from studying Economics is a greater understanding about the complex way in which the world works today.
The course is not one of investment banking or stock broking, rather it places emphasis on the skills of analysis and evaluation with students learning about economic theories and concepts and how these are used in practice. As the course progresses students learn to look at the major issues facing the world from an economic perspective.
The syllabus at AS and A-level covers a wide area of economic study such as the efficient use of resources, competitive markets, the operation of firms, market failure, government intervention and international trade.