Principles of Economics

This module is an introduction to a broad range of economic concepts and theories and the usefulness of economics as an analytical tool for thinking about real world problems. The module focuses both on understanding the basic theories of microeconomics (the behaviour of individuals, firms and governments and the interactions between them) and macroeconomics (that of the economy as a whole). The first semester covers the principles of microeconomics and shows how they can be applied to real-life situations and economic policy. The second semester develops a framework for understanding macroeconomic events and macroeconomic policy.  The module covers the market for inputs and outputs; behaviour of the consumer and firms; the analysis of macroeconomic variables such as output, employment, inflation, interest rate; determination of long-run growth and short-term fluctuations; and the role of government including regulation, monetary, and fiscal policy.