Economics

Course summary

Our approach to Economics is to apply economic theory to support analysis of current economic problems and issues, and encourage students to appreciate the interrelationships between microeconomics and macroeconomics. Microeconomics: the economic problem and economic methodology; individual economic decision making; price determination in a competitive market; production, costs and revenue; perfect competition, imperfectly competitive markets and monopoly; the labour market; the distribution of income and wealth: poverty and inequality; the market mechanism, market failure and government intervention in markets. Macroeconomics: the measurement of macroeconomic performance; how the macro economy works; economic performance; financial markets and monetary policy; fiscal policy and supply-side policies; the international economy.