Economics

Course summary

During the two year programme your study of economics will be divided in the two key areas of economic theory. In terms of Microeconomic theory, you will learn about the economic problem, the allocation of resources, the concept of scarcity, production and efficiency and market failure. You will learn about the economic aspects of the labour market including equality, equity and the distribution of income and wealth. Finally you will develop an awareness of how the government intervenes in markets to correct market failure and the risk of government failure. You will develop an understanding of why some markets work and others fail. You will consider commodity, energy and labour markets In terms of Macroeconomic theory you will develop an understanding of how macroeconomic performance is measured, how the macro economy works including the circular flow of income and the aggregate demand and aggregate supply concepts. Your studies will also involve learning about monetary policy and how the financial markets operate. You will also learn about fiscal policy. Finally you will develop an awareness of the importance of the international economy and the impact of globalisation.