Course Information

Course Description

The Economics course develops a comprehensive understanding of economic theory, terminology, and principles. Learners explore the economics of different countries and their interconnections. They develop skills in working with economic data and applying tools of economic analysis. The course also encourages the application of economic understanding to current economic issues.

Course Objectives

By the end of the course, students will be able to:

  • Demonstrate knowledge and understanding of economic terminology, concepts, and theories.
  • Apply basic economic numeracy skills and interpret economic data effectively.
  • Utilise tools of economic analysis to analyse and solve economic problems.
  • Communicate economic ideas logically and clearly in written form.
  • Apply economic understanding to analyse and evaluate current economic issues.

 

Course Outline

  • 1. The basic economic problem: Introduction to fundamental economic ideas, including the basic economic problem, factors of production, opportunity cost, and production possibility curves.
  • 3. The allocation of resources: Exploration of resource allocation through the price mechanism in a market economy. Topics covered include demand and supply, market equilibrium, disequilibrium, and elasticity.
  • 3. Microeconomic decision makers: Examination of key decision makers in the microeconomy, such as banks, households, workers, trade unions, and firms.
  • 4. Government and the macroeconomy: Analysis of macroeconomic aims of governments and conflicts that arise in achieving them. Measurement of variables, causes and consequences of change, and application of appropriate policies are explored.
  • 5. Economic development: Study of changes in population, living standards, poverty, and income redistribution as economies develop. Examination of influences on development in various countries, including population size and structure.
  • 6. International trade and globalisation: Exploration of the importance of trade between countries and the growth of globalisation. Topics covered include specialisation, free trade, multinational companies, foreign exchange rates, and balance of payments stability.

 

Student Acquisitions

Upon completion of the course, students will:

  • Demonstrate a comprehensive understanding of economic terminology, concepts, and theories.
  • Apply analytical and critical thinking skills to interpret and analyse economic data effectively.
  • Communicate economic ideas and arguments clearly and logically in written form.
  • Apply economic principles to analyse and evaluate current economic issues in a global context.

 

Learning Methodologies

  • Interactive live online lessons: Engage in real-time virtual classes with expert instructors and peers for interactive discussions and collaborative learning.
  • Digital resources and tools: Access a variety of online resources, including course materials, case studies, and multimedia content to enhance learning.
  • Assignments and assessments: Complete assignments and assessments to reinforce understanding and track progress.
  • Peer interaction and feedback: Engage in group activities, discussions, and peer feedback to foster a supportive and collaborative learning environment.