This linked module provides an introduction to economics for students taking a degree in which economics is a major component. The main purpose is to equip students with knowledge of main economic concepts, theories and principles and basic tools and methods of economic analysis. The modules are designed to provide a reasonably complete perspective, at an introductory level, of microeconomics and macroeconomics. The microeconomic part (semester 1) explores the standard analytical frameworks used to examine concepts such as consumer preferences, optimal choice, firms' costs and production decisions, demand and supply, market structures, market failure etc. The macroeconomic part (semester 2) deals with the main macroeconomic variables (GDP, inflation, unemployment) and their measurement, and basic macroeconomic theory including models of short-run and long-run aggregate demand and supply, and economic growth.
|