This topic introduces the economic principles that can usefully guide the decision-making processes of consumers, businesses and other organisations including purchasing, pricing, production and investment decisions. It considers these decision processes in different competitive market environments.
The topic also introduces the workings of the overall economy. It focuses on national output and expenditure, inflation, unemployment and international economic relationships including trade and capital flows and the role of fiscal and monetary policies.
This topic aims to outline economic principles that guide the decision-making processes of consumers, businesses and organisations. Students will examine purchasing, pricing, production and investment decisions, drivers of the economy, and competitive market environments.
Timetable details for 2021 are no longer published.