| CODE | IFS0306 | ||||||||||||||||
| TITLE | Introduction to Economics 1 | ||||||||||||||||
| UM LEVEL | 00 - Mod Pre-Tert, Foundation, Proficiency & DegreePlus | ||||||||||||||||
| MQF LEVEL | 4 | ||||||||||||||||
| ECTS CREDITS | 5 | ||||||||||||||||
| DEPARTMENT | Business Studies | ||||||||||||||||
| DESCRIPTION | In this study-unit, learners will engage with the basic economic theories and concepts, including the economic problem, economic systems, the price mechanism, and elasticities. It will also introduce learners to the basic theory of cost and production, price and output determination under different market conditions, and the role of profits in the economy. Study-Unit Aims: The aims of the study-unit is for learners to be able to grasp the basic concepts and theories of economics, namely the economic problem, economic systems, the price mechanism, and elasticities. In additions, learners will be introduced to the basic theory of cost and production, price and output determination under different market conditions, and the role of profits in the economy. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - recognize the price mechanism and its effect on different economies; - identify the elasticity of goods and services; - infer the main tenets of the economic problem; - interpret economic systems and viability; - identify taxation, agriculture, and housing as economic entities; - recognize different types of markets; - interpret firms, mergers, and acquisitions from an economic perspective. 2. Skills: By the end of the study-unit the student will be able to: - outline the main issues that make up the economic problem, taxation, agriculture, and housing; - explain the structure of economic systems, firms, mergers, and acquistions; - critique the price mechanism and its theories; - outline the fundamental concepts of elasticity; - critique the different types of markets. Main Text/s and any supplementary readings: Economics by Mark B Taylor and N. Gregory Mankiw. ISBN: 9781844801336. |
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| ADDITIONAL NOTES | Please note that a pass in the Examination component is obligatory for an overall pass mark to be awarded. | ||||||||||||||||
| STUDY-UNIT TYPE | Lecture, Independent Study & Tutorial | ||||||||||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Alessandra Theuma |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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