1. To enable students to demonstrate an understanding of the core principles of microeconomics including:
- The dynamic nature of supply and demand and what causes prices to change, a nd how this affects all our lives.
- How markets allocate resources and how this contrasts with government allocations under socialism.
- How markets can fail and what can be done about this.
- What is international trade? Why is it so useful?
- How game theory can be used to model strategic interactions, and what this has taught us about how our global society is shaped.

2. To enable students to demonstrate an understanding of the core principles of macroeconomics including:
- What is growth? Why is it important? What techniques do countries use to boost it? Particular focus on development – and export-led growth.
- What are exchange rates? Why are they such an important invention?
What is inflation? Why is it so harmful? What causes it? And what can b e done about it?
What is money? Why is it different to other goods?
- What is finance? What are its benefits? What are financial crises? What can be done about them?

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

(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 identify 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 able to explain macroeconomic objectives and how government departments aim to achieve these

(LO7) Students will be able to explain how shocks create fluctuations in the economy and affect prices, employment and 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: 6
Attendance Recorded: Yes

Self-Directed Learning Hours: 120
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

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): Written unseen exam

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): Written unseen exam

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

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): Midterm

Skill/O ther 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): Written unseen exam

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): Midterm and written unseen exam

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): Written unseen exam

Skill/Other Attribute 8: Numeracy
How this is developed: Numerical problem solving skills are developed through the development of 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 s equence of steps of an economic argument. This is applied in both case study examples and in numerical approaches to problems.
Mode of assessment : Midterm and written unseen exam

Skill/Other Attribute 9: Problem solving skills
How this is developed: Problem solving skills are developed through the development of 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. This is applied in both case study examples and in numerical approaches to problems.
Mode of assessment : Midterm and written unseen exam

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 i n application of models to case study examples.
Mode of assessment : Written unseen exam

The Economy: Economics for a Changing World 1st Edition by the Core Economics Education Team
The Economy 2.0: Microeconomics by the Core Economics Education Team
The Economy 2.0: Macroeconomics by the Core Economics Education Team (when released in Spring 2024)

We will follow a mixture of the above textbooks, focusing on key lessons.

The outline will be based on the following chapters in Core 1.0. Some of this will be superseded by the Core 2.0 textbook when released.
1. The capitalist revolution
2. Technology, population, and growth
3. Scarcity, work, and choice
4. Social interactions
5. Property and power: Mutual gains and conflict
6. The firm: Owners, managers, and employees
7. The firm and its customers
8. Supply and demand: Price-taking and competitive markets