Economics Scholarship

Course Description

This course will extend the Level 3 Economics programme by adding depth and breadth to the student’s knowledge. Extra-curricular tuition and workshops will prepare the students for the critical and analytical nature of the end-of-year examination. Candidates should demonstrate wide knowledge and wide reading. They must be able to respond critically to demanding resources and use skills of interpretation, analysis and evaluation. 

Students will be able to enter this course in Term 1.

Course Overview 

The examination will consist of three essay questions, all of which should be attempted. Questions may relate to micro-economic theory, macro-economic theory, or both. A resource booklet will be supplied.

The micro-economic models assessed will be selected from: 

• The production possibility curve 
• The supply and demand model for goods and/or service markets 
• Elasticity concepts 
• Resource markets 
• Internationally traded goods markets 
• The cost and revenue model for a perfectly competitive firm/market and a monopoly (including natural monopoly) 
• The Lorenz curve 
• The marginal social cost/marginal social benefit model including public goods. 

Policies assessed may include any used to correct market failure.

The macro-economic models assessed will be selected from: 

• The production possibility curve 
• The circular flow model 
• The aggregate demand and aggregate supply model 
• The multiplier effect 
• The foreign exchange model 
• The business cycle

Macro-economic policies assessed may include: 

• Monetary policy 
• Fiscal policy 
  1. Supply side policies 
• Government regulation 
• International trade policies.