Economics

Course summary

Candidates will study: economic methodology and the economic problem, price determination in a competitive market, production, costs and revenues, perfect competition, imperfectly competitive markets and monopoly, the labour market, the distribution of income and wealth: poverty and inequality, the market mechanism, market failure and government intervention in markets. Students will also study the measurement of macroeconomic performance, how the macroeconomy works, the circular flow of income, AD/AS analysis and related concepts, economic performance, financial markets and monetary policy, fiscal policy and supply-side policies, and the international economy.