Economics

Course summary

Economics is a dynamic social science. The most commonly held misconception surrounding the study of Economics is that it is all about money. In fact, the study of money is a relatively minor issue. Economics is about how a society decides to divide its scarce resources and the methods and processes by which choices are made in the satisfaction of human wants. All concepts and theories are illustrated with real world data and case studies. 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 and supply • National income and economic growth • Macroeconomic objectives and policy Theme 3: Business behaviour and the labour market • Business growth and objectives • Revenues, costs and profits • Market structures and the labour market • Government intervention Theme 4: A Global Perspective • International economics • Poverty and inequality • Emerging and developing economies • The financial sector • Role of the state in the macroeconomy