ECON71-100: Principles of Economics

Description

An introduction to economics for postgraduate students, with a focus on microeconomics. An overview of fundamental topics such as opportunity cost, trade-off, relative scarcity and marginal analysis are explained using contemporary issues including minimum wages, carbon taxes, competition policy and state ownership of monopolies. The underlying structure of macroeconomics is also included to provide a framework for understanding the economy as a whole and the news and policy that affects it.

Subject details

Learning outcomes

1. Explain methods of resource allocation with reference to both efficiency and equity. 2. Examine the fundamental principles of microeconomics and macroeconomics, including utility maximisation and the concept of equilibrium. 3. Explain the role of individuals and businesses in different types of market structures, including perfect competition, monopolistic competition, monopoly, and oligopoly. 4. Critically analyse economic situations using game theoretic techniques and the economics of asymmetric information. 5. Critically evaluate regulatory and political environments' impact on business, making use of the concepts of market failure and public choice theory. 6. Describe the effect of changes in macroeconomic indicators on business activity.

Enrolment requirements

Subject outlines

• May 2022 [Standard]
• January 2022 [Standard]

Subject dates