Aims

The aims of the course are to:

• Introduce students to the use of economics to understand the operation and decisions of businesses, their industrial environment and the macroeconomy.

Objectives

As specific objectives, by the end of the course students should be able to:

• Understand and be able to work with the basic theory of demand and supply and market equilibrium.
• Understand the theory of the firm, including the various types of costs that the firm faces, the idea of profit maximisation and the equilibrium of the firm.
• Understand different forms of market structure, including perfect competition, monopoly and oligopoly.
• Understand simple game theory and how it can be used in economic analysis.
• Understanding pricing of products and of inputs.
• Understand the concepts of market failure, externalities and public goods, and the policies a government might use to deal with them.
• Understand trade theory and strategic trade policy.
• Understand national income accounting and the standard Keynesian macroeconomic model.
• Understand the main determinants of the different components of aggregate demand.
• Understand the possible impacts of monetary and fiscal policy.

Content

Microeconomics (10L)

An Introduction to Economic Reasoning                

Supply, Demand and Equilibria                                  

Profit maximisation and Economic Optimisation 

Consumers and Producers                                    

Perfect Competition and Monopoly                        

Economics of Firm Strategy 1                                    

Economics of Firm Strategy 2                              

Economics of Firm Strategy 3                                   

Pricing Strategy                                                           

Labour Markets                                                           

Government Policy, International Economics and Macroeconomics (6L)

Environmental Policy                                                   

Transport Policy, Public Goods, Public Ownership

Trade Theory                                                                

Trade Policy                                                                

Macroeconomics: The Macroeconomy             

Macroeconomics: Fiscal and Monetary Policy     

This syllabus contributes to the following areas of the UK-SPEC standard:

Toggle display of UK-SPEC areas.

 
Last modified: 11/01/2021 19:40