This module represents an introduction to the economic way of thinking with an emphasis on the principles of microeconomics and macroeconomics which will provide a basis for further study and progression.
Introduction
Introduction to economics as a social science
Economic systems
Concepts of scarcity, choice and opportunity cost
Microeconomics
Demand, supply and the determination of equilibrium price
Elasticity
Maximum and minimum prices
Consumer theory
Costs of production in the short and long run
Profit maximisation
Models of Market Structures
The market for factors of Production
Market failure and externalities
Government intervention / redistribution
Macroeconomics
Methods of measuring Economic Activity
Circular flow of income and National Accounts
Income determination
Multipliers
Business Cycles
Unemployment
Objectives of macroeconomic policy
Aggregate Demand / Aggregate Supply
Fiscal Policy
Inflation
A variety of methods will be used including lectures, tutorials, class discussion and problem solving questions
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 70 |
| Other Assessment(s) | 30 |