1. To enable students to demonstrate an understanding of the core principles of microeconomics including:
The dynamic nature of supply and demand;
The efficient operation of markets and when they fail;
How firms reach output decisions, interact and attain levels of profit under different market conditions.

2. To enable students to demonstrate an understanding of the core principles of macroeconomics including:
The aggregation of demand and supply in the economy to measure an economy's output;
The business cycle and behaviour and interaction of the big macroeconomic indicators: Growth; Unemployment; Inflation; Economic policy;

3. To enable students to understand the impact of modern economics on day-to-day business operations.

(LO1) Students will be able to demonstrate an understanding of the central economic problem (scarcity) and the nature of economics

(LO2) Students will be able to demonstrate how supply and demand decide the market price and how markets respond to changes in circumstances, measures of responsiveness and price control

(LO3) Students will be able to evaluate production cost and derive profit-maximising production

(LO4) Students will be able to classify market types– specified by degree of competition in industries (perfect competition, monopoly); as well as strategic interactions arising such as game theory and price discrimination

(LO5) Students will be able to explain why markets fail to achieve social efficiency

(LO6) Students will have knowledge of the theory of the whole economy 1 (macroeconomic objectives; the national income)

(LO7) Students will have knowledge of the theory of the whole economy 2 (aggregate supply and demand, short-term fluctuations, economic growth)

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) IT skills

(S8) International awareness

(S9) Lifelong learning skills

(S10) Ethical awareness

Teaching Method: Lecture
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method - Seminar
Description: In-class seminars
Scheduled Directed Student Hours: 10
Attendance Recorded: Yes

Self-Directed Learning Hours: 116
Description: To fulfil the requirements of the module students must attend all seminars, do the specified reading and participate in group discussions. Students must take responsibility for clarifying any areas of difficulty with the module leader in class, during office hours or by appointment. It is also important to complete the specified reading and in particular should read and work through the specified chapters of the textbook. There will be NO HANDOUTS, the module handbook, workshop solutions and practice test papers must be printed by students. Students are advised to print the lecture slides in handout form or make an electronic copy and bring to lectures to make annotative notes

This modul e is a pre-requisite for the following modules:
ECON228 / ECON233 / ECON333

Skill/Other Attribute 1: Ethical awareness
How this is developed: Ethical considerations of market structures and international trade are considered during this course.
Mode of assessment (if applicable):

Skill/Other Attribute 2: Lifelong learning skills
How this is developed: The Lecture & Tutorial Workshop structure is based around the demonstration -> interrogation of learning cycle of learning.
Mode of assessment (if applicable):

Skill/Other Attribute 3: International awareness
How this is developed: Applied examples are considered throughout the syllabus.
Mode of assessment (if applicable):

Skill/Other Attribute 4: IT skills
How this is developed: This course uses an IT based assessment system, students will be instructed on the use of interactive web-platform elements in lecture 1 and learn interactively throughout.
Mode of assessment (if applicable):

Skill/Other Attribute 5: Communication skills
How this is developed: Throughout the course the working of the economy is demonstrated using words, diagrams and appropriate symbols.
Mode of assessment (if applicable):

Skill/Other Attribute 6: Organisational skills
How this is developed: Students are expected to organize their own learning within the guidelines given.
Mode of assessment (if applicable):

Skill/Other Attribute 7: Commercial awareness
How this is developed: All topics apply theory and models to contemporary case studies.
Mode of assessment (if applicable):

Skill/Other Attribute 8: Numeracy
How this is developed: Problem solving skills is developed through the development of ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes, to think through a sequence of steps of an economic argument. This is applied in both case study examples and in numerical approaches to problems.
Mode of assessment (if applicable):

Skill/Other Attribute 9: Problem solving skills
How this is developed: Problem solving skills is developed through the development of ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes, to think through a sequence of steps of an economic argument. This is applied in both case study examples and in numerical approaches to problems.
Mode of assessment (if applicable):

Skill/Other Attribute 10: Adaptability
How this is developed: The ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes, to think through a sequence of steps of an economic argument is developed in application of models to case study examples.
Mode of assessment (if appl icable):

References are in each case to the chapters in Sloman, J. and Garratt, D., Essentials of Economics
1. The economic problem and the framework of economics: Chapter 1.
2. Demand, supply and market price: Chapter 2.
3. Market responsiveness and market adjustment: Chapter 3. & Consumer choice: Chapter 4.1
4. Supply – costs, revenue and profit maximisation: Chapter 5.
5. Degrees of competition – market structure: Chapter 6.
6. aggregate demand and business cycle: Chapter 9.
7. Macroeconomics – aggregate supply and economic growth: Chapter 10.
8. Money and interest rate: Chapter 11.
9. Output, unemployment and inflation: Chapter 12.
10. Macroeconomic policy: Chapter 13.