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Learning activities
Learning outcomes
Discuss scarcity, trade-offs, opportunity cost, and use demand and supply models to explain market behaviour.
Calculate and interpret various types of elasticity, understand their impact on business decisions, and differentiate between types of profit and production choices.
Evaluate the impact of price controls and excise taxes, understand the causes of market failures, and assess government interventions to address these failures.
Identify and compare different market structures, assess their efficiency, and understand the regulatory frameworks governing them.
Explain the theory of comparative advantage, assess the benefits and challenges of free trade, and analyse exchange rates and balance of payments.
Interpret unemployment and inflation statistics, distinguish between anticipated and unanticipated inflation, and discuss their economic costs.
Explain the role of central banks in changing interest rates, and analyse the effects of monetary policy on the economy.
Explain fiscal policy, analyse its short-term and long-term economic effects, including automatic stabilizers, and evaluate policies aimed at fostering long-term economic growth.
Assessments
Additional information
- The Foundations of Economics;
- Market Demand, Supply and Equilibrium;
- The Effects of Government Intervention in the Market: Elasticity;
- Revenue, Production Costs and Economic Profit;
- Market Structures, Competition and Economic Efficiency;
- Market Failure;
- International Economics;
- Economic Growth;
- Unemployment and Inflation;
- Government and Central Bank Economic Policies