Component 01: Microeconomics
For this component, microeconomic theories are introduced and applied to the behaviour of economic agents in the real world, especially the theoretical workings of the free market. Exploring imperfections and market failures introduces the merits and drawbacks of government intervention. This encourages students to evaluate the effectiveness of the theories in explaining real-world behaviour.
Topics Covered:
Scarcity and Choice
How Competitive Markets Work
Competition and Market Power
The Labour Market
Market Failure and Government Intervention
Mr. Brackrog 