AS Level Economics

What is Economics?
The economic problem
The reason economics is the title of an area of study and a word used to describe saving money or generally being efficient with your resources is because economics and economists start from a basic assumption about the whole world.

The big assumption
Economists assume that we all have unlimited wants. If that is true we then ask whether the world can provide to meet those wants. It can’t for two reasons:-

• if wants are really infinite ie endless then by definition they can’t all be satisfied
• the world doesn’t contain infinite resources

Given that we can’t have or do everything, we end up having to make choices. So you can think of economics as the study (or science) of making choices.
Economists have views (often conflicting) on virtually everything from whether it is worth your while being at this college to how to deal with the recent financial crises.

Why study Economics?
The skills required for Economics – numeracy, problem solving and the ability to communicate clearly with different groups of people are highly prized amongst employers. These skills together with a thorough knowledge of the workings of the economic system which affects so many aspects of our lives (both personal and in work) make you very employable.
If are interested in how the world works and enjoy lively debates about how it ought to work, Economics should appeal to you.

What will I be doing? AS level

• Markets – how they work and why they fail
• Managing the economy

Is it exam or course work?
Two exams in each year.

What’s it like to study?
Discussions, graphs, debates, more graphs – I could draw you a graph to illustrate..

Preview time
Have a look at this website for a great introduction.
www.whystudyeconomics.ac.uk
Otherwise, read the papers without stopping at the financial bit.

A student comments..’the study of Economics has helped us understand the current economic crisis’ Chukwueneka Ouagadou-Quamina

Click here to download printable pdf version