Economics is the study of how the world’s resources are allocated. In our economy this is done by either the market (demand, supply and price) or the government.
There are many issues that arise from resource allocation. Who gets what? Does the market allocate resources fairly? What can be done to make things better? These and other issues are the basis of the more specific questions Economics tries to answer.

The syllabus covers the following topics:

• Demand, supply and price.

• Market failure

• The national economy – output, inflation, unemployment and growth

• Economic policy

• Transport economics

• The economics of Europe