First year module
Lecturer: Part A: Martin Jensen Part B: James Reade
This linked module provides an introduction to economics for students wishing to take a degree in which economics is a major component, laying the foundations for subsequent courses in advanced economics. Principles of Economics A: Preferences and actions of households as suppliers of factors and purchasers of goods; analysis of producers; factor demands and production of supplies; theories of perfect and imperfect competition; welfare economics. Principles of Economics B: Basic theoretical macroeconomics; stabilisation policy; elements of growth theory; inflation and unemployment.
On successful completion of these linked modules the student will be able to understand: basic economic concepts in microeconomics; optimisation and choice at the margin; equilibrium; efficiency, competition and market structure; basic economic concepts in macroeconomics; determination of national output, income, employment and the price level; core elements of macrodynamics and growth theory.
3hr written exam