The module introduces
the central issues in economic societies via understanding the behaviour of
consumers and producers and the role of factors of production. Specifically, it will focus on topics found in
microeconomics (e.g. the laws of demand
and supply, scarcity and opportunity costs, and firm competition and their cost behaviours) and macroeconomics
(e.g. national output, unemployment, fiscal and monetary policies).
The word 'economics' comes from the Greek word, 'oikonomia', the management of a household. As it turns out, managing an economy today and a household have much in common, making decisions.
Module Learning
Outcomes
Upon successful
completion of the module, students will be able to:
1. Define
the terminologies and concepts used in the study of economics.
2. Generalise
about economic behaviour or economic data.
3. Explain
the laws of demand and supply and their interaction with each other.
4.
Explain and analyse the cost & profit-maximising behaviour of firms
in the short and long run.
5. Compare
and analyse the characteristics of different types of market competition (e.g.
monopoly, oligopoly, perfect competition, etc.).
6.
Explain macroeconomic concepts like GDP and GNP, unemployment and
financial markets.
