15 Days of Economics: An Introduction to Economics
By Nicky Helfgott of UCS Upper Remove
I chose economics as there has always been a great interest in the subject in my household. My brother studied it for his A-Level’s at UCS a few years ago and he said it was fascinating and enjoyable. My father also takes a great interest in the subject and encourages me to read ‘The Economist’. Furthermore, I have also taken an interest in the subject since I saw the ‘Pocket World in Figures Book 2016’ and now I hope to cement that interest in Economics by studying it next year.
I hope that by studying economics as an A-Level, my understanding of people’s decision making, markets, governments and businesses are all improved. These are all crucial topics to learn about and I would like to know about them in detail.
I look forward to studying it as I believe I will enjoy it greatly. My brother has repeatedly told me how great it is and a friend of mine who took it for GCSE has told me it’s a good subject to study as well.
New words learnt from this video:
Scarcity: The idea that we have unlimited wants but limited resources
Opportunity Cost: The loss of other alternatives when one alternative is chosen
Microeconomics: The study of individuals, businesses and markets
Macroeconomics: The study of the whole economy (factors such as trade, inflation, unemployment)
New words learnt from this video:
Perverse Incentive: An incentive that has unintended consequence that contrasts the initial plan
Recession: A recession is a business cycle contraction which occurs when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending.
