There are many definitions of Economics. It is concerned with events and problems in the present which have a major effect on people's lives around the world. It is about how societies become richer. It is about money. But the best definition is that it is the study of how people satisfy their material wants when faced with scarce resources.
In Economics it is not possible to conduct an experiment in laboratory conditions. There is always too much going on. Instead, economists conduct thought experiments. We conduct these experiments in class ourselves. For example, other things being equal, what would be the effect on the British economy of a tripling in the price of crude oil? The answer is not simple. It would have to take into account the fact that Britain is an oil producer, as well as an oil consumer. However, there would certainly be an increase in the price level and a fall in the rate of economic growth.
Economics at JAGS starts in Year 12. We follow the OCR specification for A level. Girls are strongly encouraged to follow the news, through whatever medium they choose. We aim to show them that Economics has a coherent theoretical structure which changes very little, and that it is about a fast changing situation. In the unstable economic era in which we are now living, we learn the well- established theories of Economics, as well as discussing future possibilities, such as those arising from “Brexit”.