Economics

The Economics course ensures that students gain a deep understanding of key economic theories and principles.  As global citizens, students are expected to apply their knowledge and understanding of economics to discuss what is happening in the micro and macro economy. As one of the most powerful social sciences, Economics combines both creativity and rational thought. The course allows students to analyse and interpret data, build rational and logical arguments, and provide convincing judgements. As developing scholars, students will confidently use a wide range of mathematical skills, and balance these with strong written and verbal communication to present holistic arguments.

• Introduction to Economics: Main Economic groups and factors of production; the basic economic problem; the roles of market; demand; supply; price; competition; production; the labour market; the role of markets and money

• Economic objectives and the role of government: Economic growth; low unemployment; fair distribution of income; price stability; Fiscal Policy, Monetary policy; Supply-side policies; Limitations of markets.
• International trade and the global economy; Importance of international trade; Balance of payments; Exchange rates; Globalisation.

Theme 1: Introduction to markets and market failure

• Nature of economics

• How markets work

• Market failure

• Government intervention.

Theme 2: The UK economy – performance and policies

• Measures of economic performance

• Aggregate demand

• Aggregate supply

• National income

• Economic growth

• Macroeconomic objectives and policy

 Theme 3: Business behaviour and the labour market

● Business growth & business objectives

● Revenues, costs and profits

● Market structures

● Labour market

● Government intervention

Theme 4: A global perspective

● International economics

● Poverty and inequality

● Emerging & developing economies

● The financial sector

● Role of the state in the macroeconomy.