Overview

This course offers a comprehensive understanding of economic principles and their real-world applications. The first term covers key concepts in Microeconomics, and helps you to relate these concepts to recent developments and issues in the real world by applying them to personal, household and business decision-making. Term 2's Macroeconomics component expands this knowledge, examining the impact of economic theory on global government policies and giving insights into the UK economy, macroeconomic objectives, macroeconomic policy, and the relationship between policy decisions and macroeconomic objectives. The module emphasizes the interconnectedness of national and global economies, providing a nuanced perspective on how economic goals are influenced by evolving international markets.

Microeconomics: The main topics covered are the economic problems of scarcity, choice and opportunity cost, production possibility frontier, demand and supply, the price mechanism, the causes of market failure and government intervention. Students also consider market structures and different economic models and the bases for economic decision-making.

Macroeconomics: Main topics covered include: - Circular flow of income, national income accounting and determination, key economic objectives and their significance in shaping government policy (GDP, RPI, levels of inflation and unemployment, balance of payments). - Economic growth and development and the role played by macroeconomic policies. - The development and main features of the UK economy and the UK government’s current policies in the wake of international financial crises.

Assessment Strategy

Threshold (40-49% / D- to D+) Has shown knowledge of key areas and principles but there is a weakness in understanding the subject area. Oral presentation can be somewhat hard to follow and there is no attempt to engage the audience.

Satisfactory (50–59% / C- to C+) Has shown knowledge of the key areas and principles and the main elements of the subject area are understood. Oral presentation is mostly understandable but there can be strain for the listener at times. Speaker attempts to engage the audience.

Good (60-69% / B- to B+) Has shown a strong knowledge and understands most of the subject area. Oral presentation is generally clear throughout and engages the audience in parts.

Excellent (70%-100% / A- to A*) Has shown a comprehensive knowledge and detailed understanding of the subject area. Oral presentation is highly engaging and clear throughout.

Learning Outcomes

• Demonstrate knowledge of microeconomic and macroeconomic theories and models and apply them to practical situations

• Describe and explain the main features of the economy of the UK or the student's own country, and economic policies that are used in managing the macro-economy

• Explain macroeconomic objectives and indicators that inform government policies at a national level

• Explain the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses

• Explain why and how governments intervene in the economic process and the range of impacts that this can have on the national economy