Money makes the world go around....or so the saying goes. But contrary to popular belief, Economics is not all about money. Instead it is about decisions, scarcity, and the problem of infinite wants and needs. Nearly every decision we make is an economic one. Consider, for example, going out for dinner. The options available to you are huge, so how do you choose? There are many factors to consider: you only have so many hours in an evening so you cannot try all the restaurants, you have a budget, limited stomach capacity, a set number of guests each with their own tastes and preferences. Perhaps you don’t have transport so need to find somewhere within walking distance.
This is known as an economic problem - your options are many but your resources including time and money are limited. How do you choose? Economics therefore is the study of how to balance infinite want in a society with limited resources.
Economics is split into four broad areas: how markets work, economic policies in the UK, business behaviour, and taking a global perspective. It is assessed entirely by exam.
A good GCSE in Mathematics will be an advantage but not essential.