Economics

Learning Outcomes

Learning Outcomes

Having successfully completed this module you will be able to:

• Discuss the interaction between supply and demand and the determination of equilibrium prices
• Define and calculate elasticities of supply and demand and explain the implications of varying elasticities for the workings of markets
• Identify the determinants of demand and supply in competitive markets
• Describe and apply utility theory to economic and financial problems
• Define different market structures and explain how the distinguishing features of each market structure affect the behaviour of individual firms and market equilibrium
• Describe the scope of economics and the various types of markets;
• Analyse the interdependence of firms in imperfectly competitive markets and use game theory to characterise firms’ strategies
• Explain what is meant by globalisation and how it affects business;
• Analyse how specialisation and international trade can benefit countries and firms
• Discuss how the government may use monetary policy and fiscal policy to manage a country’s economy
• Analyse the effectiveness of supply-side policies pursued by governments
• Describe the reasons for government intervention in the market and critically analyse the implications of this intervention for market efficiency and social equity
• Analyse different pricing strategies that can be adopted by firms
• State and describe the key macroeconomic variables that governments seek to control;
• Discuss the role of a firm’s growth strategy on its profitability and survival
• Discuss the role of exchange rates in the economy and the various constituents of the balance of payments
• Analyse how the determinants of money demand and money supply affect interest rates
• Describe and discuss the major factors affecting the rate of inflation, the level of interest rates, the exchange rate, the level of unemployment, and the rate of economic growth in the economy of an industrialised country
• Describe and discuss the structure of the public sector finances of an industrialised economy
• Describe the various measures and components of national income
• Explain how profit maximising firms make short run and long run production choices

The following main topics will be covered in this module:

1. markets and firms:

• economic concepts;
• demand and supply;
• elasticity and uncertainty;
• consumer demand;
• production and costs;
• revenue and profit;

2. market structures and business strategy:

• perfect competition and monopoly;
• imperfect competition;
• products and advertising;
• growth strategy;
• pricing strategies;

3. government intervention and international trade:

• government intervention in markets;
• government and the firm;

4. globalisation and international trade:

• globalisation and multinational business;
• international trade;

5. macroeconomic theory, problems, and policies:

• macroeconomic environment;
• balance of payments and exchange rates;
• money and interest rates;
• business activity, unemployment, and inflation;
• demand-side macroeconomic policies;
• supply-side policies.

Lectures, tutorials, class tests and solutions, office hours, and private study

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.