Economic principles (Diploma)
- Course Code:
- Unit value:
- Taught in:
- Full Year
This course is divided into two components: macroeconomics and microeconomic theory. Each component is taught both at introductory and intermediate levels. The course provides a structured introduction to economic theory and policy analysis. Emphasis is given to understanding analytical concepts and application of ideas.
Objectives and learning outcomes of the course
- To introduce non-economists to first-year level introductory principles of micro and macroeconomics
- To upgrade students' knowledge of micro and macroeconomics up to the level of second year undergraduates (intermediate level)
- To provide students with a sound and critical understanding of international trade theories and policy perspectives in developing countries at the level attained by economic undergraduates
- To prepare students for more advanced courses in economics needed either for other Diploma courses or for higher level study of economics at Masters level.
By the end of this course students should be thoroughly familiar with:
- Principles of microeconomics up to second year (intermediate) level: resource allocation and supply and demand analysis; consumer theories; cost and producers theories; analysis of various market structures; general equilibrium and welfare change.
- Principles of macroeconomics up to second year (intermediate) level: national income accounts; equilibrium national income and multiplier; ISLM analysis; aggregate demand and supply analysis; Keynesian, neo-Keynesian economics. Supply-side economics, neoclassical and rational expectations; open economy macroeconomics.
Method of assessment
Assessment weighting: Exam 80%, coursework 20%. Resubmission of coursework regulations do not apply to this course.