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infoWhy this? This topic is taught because it introduces the fundamental economic problem of scarcity: resources are limited, but human wants are unlimited. It helps students understand how consumers, businesses, and governments make choices, the opportunity costs that arise from those choices, and why economic decisions often involve trade-offs. It also develops an awareness of the different objectives and potential conflicts between stakeholders, providing an essential foundation for understanding how economies and markets operate.

scheduleWhy now? This topic is taught at the start of the course because it introduces the core concepts that underpin all economic thinking. Understanding scarcity, choice, opportunity cost, and stakeholder objectives provides the foundation for analysing markets, government intervention, business behaviour, and economic policy in later units. It equips students with the key economic language and frameworks needed to evaluate decisions made by individuals, firms, and governments throughout the rest of the specification.