Markets & Market Failure
Every day you make choices about the goods and services you could buy. If you decide to buy an extra can of Coke, for example, you may not be able to afford a chocolate bar. Society faces a similar choice: the wants of its members are unlimited, but the resources available to satisfy those wants are limited. This module examines how prices are used to signal to producers what they should produce and how sometimes this provides poor outcomes. Managing the National Economy
At present many countries are experiencing falling or static living standards and high unemployment. In this section of the course you will examine why this is the case and look at the different policy responses e.g. changes to interest rates and taxation, which may be adopted to tackle the problems.
In some industries, such as farming, there are many small firms while in others, such as water supply in Northern Ireland, there is only one. In this module you will consider why this is so and why, in some industries, the government would wish to encourage competition. You will also examine the impact of various influences on firms, such as globalisation (connections between economies at a global level), the environment and the internet. Managing the Economy in a Global World
Why is trade between countries a good idea? Should a government be concerned when imports exceed exports? What are the implications of the fall in value of the pound? What are the advantages of membership of the European Union? Why does the vast majority of the world’s population face a daily struggle for survival? How can societies escape from poverty in a way that is sustainable for the environment? You will examine these and other questions in this module.