Day 1 — My introduction to Economics
Q: Why have I chosen Economics A Level?
A: It is a new learning subject to me, as I haven’t studied it at GCSE level. During my free time, I like to listen to the news and listen to the adults in my life talk about subjects related to micro and macro economics. Economics is in everything, and I would like to understand it in a deeper sense so that I may be more involved in these conversations.
Q: Do I know why I’ve chosen it?
A: Yes, because it is both interesting and helpful for my academic future. I aspire to become some sort of economist in the future, working for a company and for the country to bring about positive change.
Q: What benefits will it bring?
A: It will give me more insight into economic theories and how they relate to our everyday life, therefore, in its own way teaching about life. As I would like to become an investment analyst and consultant in the future, I believe studying this at A Level will help me to understand a lot of what I will study when I arrive at university.
Q: Will I enjoy it?
A: Of course, I would not choose a subject or career path I would not enjoy. If you enjoy your work, it will feel like you never have to work a day in your life!
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After watching Clip 1 and Clip 2, which give a brief and intriguing introduction to the A Level subject of Economics, I found the following key vocabulary:
Opportunity cost = Whatever you give up to take another opportunity.
Scarcity = The tension between unlimited wants and limited resources.
Incentives = A set of external (rather than intrinsic/essential) motivators that explain people’s choices.
Macroeconomics = The study of production, employment, prices and policies on a nationwide scale.
Microeconomics = The study of how consumers, workers, and firms interact to generate outcomes in specific markets.
I believe I will enjoy this subject because being an organised person, I love to ensure that I make the best decisions to save myself money, time and extra effort. Additionally, I would love to learn more about the historical side of economics as well when looking at famous Economists and case studies.
