Overview

The module will provide an overview of economics and economic systems and the key theoretical foundations of microeconomics and macroeconomics.

Microeconomics involves the study of individuals and firms, and the interrelationships between them. The module will consider key microeconomic concepts of scarcity, opportunity cost, marginal analysis, supply and demand, market failure and market structure.

Macroeconomics examines the economy as a whole and involves the study of economic aggregates. The module will consider key macroeconomic concepts including a historical perspective of macroeconomics, measuring the economy, economic growth, aggregate demand and monetary and fiscal policy,

Assessment Strategy

-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

Learning Outcomes

• Demonstrate an understanding of key macroeconomic concepts and their application to real-world problems

• Demonstrate an understanding of key microeconomic concepts and their application to real-world problems

• Demonstrate and understanding of measuring economic activity

• Evaluate how markets co-ordinate the behaviour of households and firms

• Evaluate the effects of government, institutions and policy

• Explain how households and firms make decisions