| Unit name | Principles of Economics |
|---|---|
| Unit code | EFIM10050 |
| Credit points | 20 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
| Unit director | Dr. Crespo |
| Open unit status | Open |
| Pre-requisites |
A in GCSE Mathematics. This unit is NOT available to students taking degrees in the School of Economics, Finance and Management. |
| Co-requisites |
None |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
The unit is divided into two broad parts: In the first part, we lay down some basic core principles of Economics, and present an analysis of how things would work in an idealised, perfectly competitive economy in which exchange is frictionless, parties to exchange are perfectly informed, and no one has significant market power. Having examined why market allocations are often desirable, in the second part we discuss those circumstances under which markets break down, and where government intervention can sometimes improve them
