CerysCole95
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Hi, if there is anyone who has questions about A level economics, law or engineering I'd be glad to help
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scrawlx101
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whatdoyou in economics?
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CerysCole95
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Do you want to study economics?? or are you asking in general? If you do want to study it then read the message below.

Well in AS Economics which is the first year course in College, you tend learn the basics. Even though I say basics, sometimes getting the concepts of how supply and demand are affected and why can be very confusing but I have found various ways of remembering them and various videos online that help.

Topics that you would find in AS economics are split into micro and macro...

Micro
1. Introduction to economics... basically saying what the economy is and how it isn't just about money... The definition of economics is "The allocation of scarce resources between competing uses". It's just a fancy way of saying how in everyday life things like oil, gas, electricity, which are finite resources (will run out) are allocated to last longer.
2.Production of Economies of scale
3.Demand and Supply analysis
4.Elasticity
5.The price mechanism
6.Market failure - monopoly
7.Market failure - externalities, merit and demerit goods, public goods
8.Market failure - imperfect information, immobility of resources, unstable commodity prices, lack of equity
9. Government intervention - indirect taxes, subsidies, state provision
10.Government intervention - price controls, buffer stocks
11.Government intervention - regulation, extending property rights, tradable pollution permits
12.Government failure
13.Wages and the national minimum wage

Macro
1. Macro economic indicators
2.Living standards and development
3. Circular flow of income and aggregate demand
4. Aggregate supply and equilibrium
5. Consumption, saving and investment
6. Economic growth
7. Unemployment
8. Inflation
9. Current account of balance of payments
10. Internal trade and exchange rates
11. Fiscal policy
12. Monetary policy
13. Supply side policy


Most of these topic titles will mean nothing to you but if you study them you will be surprised how much you already knew about the economy, it's just you didn't know the fancy words Politian's dress it up in to make it sound complicated. They are quite bulky topics at AS level, but whatever you do, don't quit and think "oh I'll restart the year" like a lot of people did in my class. As long as you get the AS work, the A2 work is just elaborating a little more by chucking in a few diagrams and looking at the economy from a business perspective...so the only new topics you will come across are Objectives of the firm, Revenue and Costs, Theory of the firm (broken down into perfect competition, monopolies, oligopolies and monopolistic competition), Trade, the EU and that's it... its just about building upon the information you had before.

I would recommend economics to anyone who asked, simply because its not as boring as what it seems and it really makes you think about how sometimes what the economists say about raising taxes or perhaps creating new laws isn't really such a bad thing in the long run....


Hope this helps. If you want to ask more questions then please feel free... and if you decide to study it then you can always message me and ask me questions and I can send you my notes
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