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What is Economics?????

I'm looking at a-level options and I still don't quite understand what Economics is. What kind of things do you do/learn about in classes??
economics is the study of how to distribute scarce resources
Original post by DeGoldenGamer
economics is the study of how to distribute scarce resources


do you take it? do you know what kind of things are done in class?
Economics is split into two parts
Microeconomics and Macroeconomics.
In Micro you learn about economic agents- firms, consumers & government
Demand and supply, elasticities, subsidies and tax, environmental economics and wages. Its more to do with firms but remember this is not business studies
Macro is the global scale. I personally find it more interesting & you can see how things link better than micro. You learn about inflation, fiscal and monetary policies, trade and exchange rates.
Original post by HomeworkHater
Economics is split into two parts
Microeconomics and Macroeconomics.
In Micro you learn about economic agents- firms, consumers & government
Demand and supply, elasticities, subsidies and tax, environmental economics and wages. Its more to do with firms but remember this is not business studies
Macro is the global scale. I personally find it more interesting & you can see how things link better than micro. You learn about inflation, fiscal and monetary policies, trade and exchange rates.


I guess the exams are essay based ?
Yes but for my exam board (OCR) there are 3 papers. Micro, Macro and a themes paper which is a combo of micro & macro. There is always an essay, a data response with question worth varied marks and a multiple choice where you choose from 4 answers. Believe it or not, MCQs are the hardest type because two of the answers are always similar to try and catch you out and they cover every topic whereas a data response and essay will focus on a set area
Original post by HomeworkHater
Yes but for my exam board (OCR) there are 3 papers. Micro, Macro and a themes paper which is a combo of micro & macro. There is always an essay, a data response with question worth varied marks and a multiple choice where you choose from 4 answers. Believe it or not, MCQs are the hardest type because two of the answers are always similar to try and catch you out and they cover every topic whereas a data response and essay will focus on a set area


There are some maths calculations involved, you will more likely use these in the MCQs

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