Economics Dept

Welcome to the Economics Department in St Columb’s College.

Department Members

• Mr W.Guthrie
• Mr E.McAteer

.Economics

Economics is offered at GCE level in St Columb’s. We follow the CCEA Specification.
Economists study how individuals and groups of people make choices about what to do with their limited resources. Economics is, therefore, not just about money, business and the stock market. Though these are important aspects of the subject, economics also deals with wider social and environmental issues including climate change, globalisation, sustainable development and the distribution of income and wealth.
Students of economics develop a host of practical and transferable skills that benefit them in education and in the world of work. These include critical investigation, analytical thinking, oral and written communication, numeracy, research, ICT and handling of data.
Students study two modules at AS level and two modules at A2 level..

AS level A2 level

AS 1: Markets and Prices                A2 1: Business Economics

AS 2: The National Economy             A2 2: The Global Economy


Summary of Content

AS 1: Markets and Prices

• Scarcity, choice, opportunity cost and rational decision-making
• The benefits of specialisation
• Markets, demand, supply, price determination and elasticity
• Consumer surplus and producer surplus
• Economic rent and transfer earnings
• Allocative and productive efficiency
• Why markets may fail
• Government intervention and government failure

AS 2: The National Economy

• The scope of macroeconomics
• The circular flow of income
• Macroeconomic policy objectives of government
• Measures of economic performance
• Aggregate demand, aggregate supply and macroeconomic equilibrium
• The operation of government economic policy

A2 1: Business Economics

• The nature of production
• Decision-making in the short and long runs
• The growth of the firm
• The objectives of the firm
• The competitive environment
• Market dominance and competition policy
• Business and the environment

A2 2: The Global Economy

• Reasons for international trade
• Free trade and protection
• The United Kingdom balance of payments
• Exchange rates
• The European Union
• Globalisation, trade, aid and economic development
• Government macroeconomic policy in an open economy

Full Specification, Support materials and Past Papers can be found at http://www.ccea.org.uk/economics/

Economics Department Events    2010-2011

Year 14 Economics students attended a lecture in Magee College on 29th September, by President W.J. Clinton, entitled ‘Building Prosperity for the Future’.
M.Gallagher from ILEX gave a talk to Year 13 and Year 14 Economics students on 5th October on economic development issues relating to Derry.
Year 14 Economics students attended a lecture in Magee College on 7th October by Professor Gerry Murray, entitled, ‘Following the Money’. It was about the forensic accounting process.
Year 13 Economics Students went out on an industrial visit to Seagate on 8th February where they were given a talk on issues relating to globalisation.