PRINCIPLES OF ECONOMICS

The module aims:

• To provide an essential, simple, useable body of economic theory, which will both provide the basis for further study and equip students with a real understanding of the role of economics in business, public and private decision making.
• To help students to understand the foundational concepts of economic principles

   Learning Outcomes

• On successful completion of the module students will understand how markets coordinate economic activity and produce equilibrium prices and quantities; how to evaluate market outcomes for policy purposes; and the mutual benefit from trade between individuals and between countries.

    Having successfully completed the module, students should be able to:

  • Apply the economic way of thinking to enable them to understand microeconomic problems such as why markets allocate resources where they are most wanted; why prices and wages rise and fall; how consumers allocate their budgets, and how firms arrive at production decisions.
  • Understand the concept of market failure and what effect governments can have on the provision and pricing of goods and services.
  • Have an understanding of labor and capital markets
  • Understand the macroeconomic issues that are given priority by modern governments.
  • This module will develop the following personal skills:
  • Students will develop  independent study skills
  • Use of Website will develop IT skills
  • Having successfully completed the module, students should be able to:
  • to write economics essays and answers to short economics questions
  • be prepared to study economics at Stage 2
  • to work in a group on economics seminar problems