Central to Economics are the forces of demand and supply that lead to the price mechanism allocating scarce resources in markets - this is the focus of microeconomics. Real world case studies are drawn on to illustrate economic theory in practice and the policies and remedies of market failure are evaluated for their effectiveness.
Macroeconomics involves the study of the key measures of economic performance and the main objectives and instruments of economic policy. Students are introduced to the use of aggregate demand and aggregate supply curves to understand why demand and/or supply side policies may be seen as appropriate ways of managing an economy. Students also examine the possible impact of such policies and judge whether they would be successful in comparison to one another.
Students following an Economics course will develop an enquiring, critical and thoughtful 'economist's mind'. They will develop an understanding of current economic issues, problems and institutions that affect everyday life. They will also learn to apply economic concepts and theories in a range of contexts and appreciate their value and limitations in explaining real world phenomena.