Economics

Course summary

WHY STUDY ECONOMICS? Economics is the study of scarce resources, the unlimited demands made on them, and the ways in which we make choices in allocating those resources when we cannot produce everything we would like to. As economists, we spend a great deal of time analysing the choices themselves and evaluating the consequences of having chosen one thing rather than another. We analyse the workings of the firm and the household as they make their production and consumption plans; we look at markets, where buyers and sellers meet; we consider the national economy and vital concerns such as unemployment, inflation and growth; and we broaden our outlook further in the global economy. We are particularly interested at the moment in Britain and its place in Europe and the world; the cost of living crisis in the UK: and the global impact of the conflict in Ukraine; and are deeply involved in the study of the developing world. CONTENT OF THE COURSE: • Theme 1: Introduction to markets and market failure • Theme 2: The UK economy – performance and policies • Theme 3: Business behaviour and the labour market • Theme 4: The national and global economy