This module represents an introduction to the economic way of thinking with an emphasis on the principles of microeconomics which will provide a basis for further study and progression.
*Curricular information is subject to change
Introduction to Economics.
n/a
Demand and Supply and Elasticity.
Market equilibrium; price elasticity; income elasticity, cross price elasticity and elasticity of supply.
Consumer theory
Indifference curve analysis, substitution and income effects.
Production and costs.
Short run and long run costs, law of diminishing returns; economies and diseconomies of scale.
Models of market structure.
Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly. Alternatives to profit maximisation.
Market failure and state intervention
n/a
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 70 |
| Other Assessment(s) | 30 |