This module at the Foundation Level for business students provides a comprehensive understanding of fundamental economic concepts, models, theories, and policies. The module delves into microeconomics, macroeconomics, and development economics to equip students with the analytical tools necessary to navigate fundamental economic issues.
Microeconomics is the study of the relationships between consumers and firms in markets. In this module students will analyse economic models that explain consumer choices, firm behaviour, and address current economic issues. The module also examines the impact of government intervention in correcting market failures and ensuring fair outcomes in the free market system.
Macroeconomics is a branch of economics that studies the overall performance of an economy. It examines the factors that affect national income, employment levels, inflation rates, and economic growth. In this field, students analyse how government spending or taxation changes impact macroeconomic variables such as GDP and inflation rate.
Development economics explores global trade patterns, investigating why certain countries possess absolute or comparative advantages in specific industries. The module evaluates various trade policies governments employ to safeguard domestic industries or boost exports. Furthermore, it assesses economic development strategies tailored to less-developed countries to foster sustainable economic progress.