There are two elements to the assessment:

1. A ‘Mid-Term Test’ covering concepts related to LO1 & 2, discussed during lectures and practised during tutorials (1 hour) (40%). (LO 1 & 2)

2. A ‘Final Exam, covering concepts related to LO, 2, 3 &4 (2 hours) (60%).

The module will consider aspects of the following relating to economics:
• Introduction to the concepts of micro and macroeconomics, scarcity, choices, and opportunity cost.
• The various factors of production.
• Definition of supply and demand and distinction between wants and needs.
• Definition of the various costs of production: nominal vs. real, social costs, time costs, marginal costs.
• The production possibility curve.
• Description of market, planned and mixed economies with explanation and examples.
• Determinants of demand and effects of prices, income and substitutes on demand.
• Determinants of supply and factors affecting supply.
• Difference between movements and shifts to supply and demand curves.
• Definition and determinants of and formula for price, income and cross elasticity of supply and demand.
• The firm and its goal of profit maximization.
• Market and technological restraints on profit.
• Overview of types of revenue and cost.
• Monopolies, oligopolies, and levels of competition.
• Measurements of inflation and employment.
• Measurements of output, growth and development.

1. Discuss basic concepts of economics such as scarcity, allocation of resources, factors of production, ceteris paribus, the function of money and division of labour.
Knowledge and Understanding

2. Identify the role of the price system, its relationship to supply and demand and the allocation of resources.
Analysis

3. Be able to discuss characteristics of the individual and the private firm as a producer, consumer and borrower.
Knowledge and Understanding

4. Be able to interpret and use economic indicators for simple economic analysis.
Analysis

Most of the material in this module can be presented in the form of definitions, theories and explanations through lectures. Tutorial classes will allow students to work hands on with examples in order to develop a more complete and lasting understanding of the ideas presented in this course. There will be:
One 2 hour lecture per week presenting key concepts and theories.
One 1 hour tutorial per week with exercises, activities and to practise learned concepts.

Access to library and IT resources

An advanced learner's English dictionary

The tutor will be able to recommend useful books to help you with your studies. As for the material for your topic itself, you'll find your information largely from the university library and the Internet.

Here is the key textbook:
Moynihan, D. & Titley, B. (2007), Economics, Oxford University Press,