INTRODUCTION TO ECONOMICS

Aims of the Module

• Give students an understanding of key concepts and theories in both microeconomics and macroeconomics.
• Provide insights into how scarcity, choice, competition, inflation, and interest rates shape the economic environment for consumers and firms.
• Teach how macro and micro factors influence production and marketing decisions and their outcomes.
• Introduce aspects of accounting and finance relevant to firm-level decisions.

Learning Outcomes — Knowledge

• Describe key microeconomic concepts with reference to relevant aspects of macroeconomics.
• Define microeconomic problems/issues related to business, production, sales, and cost structure.
• Discuss the impact of macroeconomic policy issues on firms and their competition in various markets.
• Describe cost behaviour, profitability, and break-even analysis.
• Specify different sources of finance available to an organisation.
• Understand how a company manages production costs and their influence on competition.
• Understand the role of policymakers in guiding the economy to meet desired outcomes.
• Gain insight into macroeconomic policies and government objectives.
• Understand the links and differences between macro and microeconomics.
• Understand fiscal and monetary policy and their impact on an economy.
• Define and explain inflation, recession, interest rates, employment, and economic growth.
• Understand government trade and investment policies and their impact.
• Understand promotion and regulation of international/global trade and Multinational Enterprises.
• Explain the economic and social implications of globalisation and global warming for developed and developing countries.
• Understand poverty, aid, and development.

Learning Outcomes — Skills

• Understand the key relationship between micro and macroeconomics.
• Analyze and interpret supply and demand curves.
• Understand the role of markets and different types of competition.
• Understand how consumption patterns vary with income and other factors.
• Understand the factors that determine consumer purchasing decisions.
• Understand how firms and consumers make choices based on their preferences.
• Read, interpret, and understand basic economic data.
• Assess the role of economic factors on an organisation and its stakeholders.
• Read, interpret, and evaluate key aspects of fixed and variable costs, including marginal costs and revenues.
• Interpret and allocate costs, and conduct a break-even analysis.
• Demonstrate analytical, numerical, and written communication skills.