Economics

Course summary

The course is split into two equally weighted disciplines: 1. Micro Economics Individuals, firms, markets and market failure: • Economic methodology and the economic problem • Individual economic decision making • Price determination in a competitive market • Production, costs and revenue • Perfect competition, imperfectly competitive markets and monopoly • The labour markets • The distribution of income and wealth: poverty and inequality • The market mechanism, market failure and government intervention in markets 2. Macroeconomics The national and international economy: • The measurement of macroeconomic performance • How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts • Economic performance • Financial markets and monetary policy • Fiscal policy and supply-side policies • The international economy