Aims and learning outcomes
The unit aims to provide students with an introduction to basic economic concepts including: economic systems, the market mechanism, and the circular flow as well as basic macroeconomic concepts such as the business cycle, fiscal policy and monetary policy.
Students who successfully complete this unit should be able to:
- Describe the basic concepts and theories in economics
- Use economic theories, models, ideas, tools, economic data to understand and engage with real-world economic problems facing individuals and societies
- Debate individuals’ and societies’ economic choices, interactions, challenges and the consequences of their economic decision-making.
- Opportunity Cost; Production Possibilities Analysis
- Economic Systems
- Demand and Supply
- Elasticity of Demand and Supply
- Cost of Production, Fixed and Variable Costs
- Market Structures
- Introduction to Macroeconomics
- Aggregate Demand and Aggregate Supply
- Monetary and Fiscal Policies