First year module
Lecturer: Tom Murray
This linked module provides an introduction to economics for students not going on to specialise in the subject. It provides and introduction to the concepts and terminology of economics. Topics covered include: basic supply and demand analysis, consumer and producer theory, market failure, externalities and public goods, non-market (government) failure and several special topics illustrating how economic analysis is carried out – these include crime and crime policy, marriage and divorce etc. Factor markets and the distribution of income. Inequality of income and wealth. Poverty traps and welfare reform.
On completion of these linked modules the student will be able to understand: Basic economic concepts in microeconomics; equilibrium, efficiency, competition and market structure; Basic economic concepts in Macroeconomics; Determination of national equilibrium, employment and the price level; basics of foreign trade and payments.
2 hr written examination 60%, 2 x assessments 20% during 1st term and 1 x assessment 20% during 2nd term