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Description
Economics is the science of allocating scarce resources among competing social wants. Microeconomics describes how individuals and firms make informed trade offs between scarce alternatives in order to improve their well being. Macroeconomics, on the other hand, is the study of the economy as a whole in an attempt to explain aggregate trends. This introductory course is designed to give the student enough rigorous mathematical comprehension of both microeconomic and macroeconomic analysis to provide an adequate foundation for the second-year course, STAT0001. By the end of the first term, the student should understand the main ideas of microeconomic theory and be able to apply them to analyse real-world policy issues. In the second term, macroeconomic issues, such as the impact of monetary and fiscal policies in both open and closed economies, are examined. While a mathematical approach is encouraged throughout, the main concepts are also illustrated graphically. Furthermore, emphasis is placed on the intuition behind the concepts to enable more profound understanding. Nevertheless, students in this course require some fluency in both algebra and calculus.
Module deliveries for 2024/25 academic year
Last updated
This module description was last updated on 19th August 2024.
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