In this course the students will study the fundamental principles and concepts of Economics. The course will examine the theoretical background of both Micro and Macro Economics. This includes the examination of the market (both demand and supply sides) and how it operates in allocating our scarce resources, the use of the market in managing the national economy both domestically and in the global environment and a comparison with other national and regional economies.
Introduction to Economics: definition, concepts and systems.
Theory of demand; Consumer behaviour, Market equilibrium, elasticities, marginal utility and indifference curve analysis
Theory of firm: production/ cost functions, short and long run costs, economies of scale, market structures:
National Economy, Fiscal and Monetary policy
Growth, employment, inflation
International trade, exchange rates
Balance of payments and external wealth
Globalisation & economic development
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Learning will be aided by lectures, readings, class discussion and continuous assessment.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 50 |
| Other Assessment(s) | 50 |