Economics

Assessment

All exams are at the end of two years of study. The economic problem; decision making; elasticity; market equilibrium; production costs and evenue; market structures; contestability; efficiency; labour market; distribution of income; market failure; externalities; government intervention; government failure. Macroeconomic performance indicators; circular flow of income; aggregate demand/ supply; economic cycle; inflation; unemployment; financial markets and monetary policy; banking; regulation; fiscal, monetary and supply side policies; international trade and exchange rates. Paper 1: The Operation of Markets and Market Failure (2 hours) Paper 2: The National and International Economy (2 hours) Paper 3: Economics Principles and issues (2hours).