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The module covers a number of topics which will give you a broad appreciation of a number of economic principles including the basic economic issue of resource allocation and scarcity. Alternative economic systems will be considered as well as supply, demand and elasticity concepts and market structures – perfect competition, monopoly, monopolistic competition and oligopoly. The module also examines the key issues of economic growth, inflation and unemployment and general macroeconomic policy.

LO1: Define the basic economic problem and comprehend alternative methods
of dealing with the problem of scarcity
LO2: Explain the operation of markets using economic concepts
LO3: Describe the alternative models of market structures
LO4: Understand the role of government in the economy
LO5: Define the macroeconomic objectives of economic growth, inflation and unemployment.
LO6: Identify relevant policies relating to macroeconomic objectives