Economic Principles

This unit introduces students to the fundamental principles of economics and its application to, business decision making and economic policy. Students will be introduced to the economic way of thinking and how key concepts, theories and methods of modern economic analysis can be applied to everyday economic issues and problems. Key areas covered include demand and supply analysis, the competitive nature of markets within which firms operate, the national economy, business cycles, inflation, unemployment, and monetary and fiscal policy. Particular emphasis is placed on reviewing contemporary economic issues and how economics permeates almost every aspect of business, highlighting economics as the fundamental discipline underpinning the study of most business specialisations. The unit will stimulate students intellectually, leading them to apply economics to a range of problems in a variety of contexts and will develop a range of transferable skills to be of value in employment.