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Economics

Format:

(Live Online)

Duration:

52 weeks

Application Fee:

RS 2,000

(Domestic)
USD 35

(International)

Monthly Fee:

RS 8,950

(Domestic)
USD 85

(International)

Unit 1:

Markets in action 

50% of total iAS

Unit 2:

Microeconomics performance & policy

50% of total iAS

Unit 3:

Business behaviour 

50% of total iAL

Unit 4:

Developments in global economy 

50% of total iAL

Assessment overview:

Section A: Six multiple-choice questions (6 marks).

Section B: A five-part question, based on data provided in a source booklet (34 marks).

Section C: Two 20-mark essay questions from a choice of three (40 marks).

Economics Uni 1: Content Overview - Duration 12 weeks

 

• Introductory concepts

• Consumer behaviour and demand

• Supply

• Price determination

• Market failure

• Government intervention in markets

 

Unit 1: Description

 

This unit gives students an introduction to the nature of economics and examines how the price mechanism allocates resources in local, national and global markets.

Students will learn to apply supply and demand analysis to real-world situations, and will be able to suggest reasons for consumer behaviour r.

 

This will involve looking at how consumers act in a rational way to maximize utility and how firms maximize profit but also why consumers may not behave rationally. Students will analyse the nature and causes of market failure and understand the strengths and weaknesses of possible policy remedies.

Students will need to be able to apply relevant quantitative skills to the content covered in this unit, including calculations, the use of data and the drawing of diagrams

Economic Unit 2: Content Overview - Duration 12 weeks

 

• Measures of economic performance

• Aggregate demand (AD)

• Aggregate supply (AS)

• National income

• Economic growth

• Macroeconomic objectives and policies

Unit 2: Description

This unit introduces the key measures of economic performance and the main objectives and instruments of economic policy in an international context. Students will learn how to use a basic AD/AS model to analyse changes in real output and the price level.

 

Students will look at when demand and/or supply side policies may be appropriate ways of improving an economy’s performance; consider these policies in an historical context; predict the possible impact of such policies and recognize the assumptions involved. Students should understand different approaches that may be used by policy makers to address macroeconomic problems and to identify criteria for success.

 

Students will need to be able to apply relevant quantitative skills to the content covered introduced in this unit, including calculations, the use of data and the drawing of diagrams.

 

Economics Unit 3: Content Overview - Duration 12 weeks

 

• Types and sizes of businesses

• Revenue, costs and profits

• Market structures and contestability

• Labour markets

• Government intervention

 

Unit 3: Description

 

This unit develops the content of Unit 1 and examines how pricing and the nature of competition between firms is affected by the number and size of market participants. At the end of this unit, students should be able to analyse and evaluate the pricing and output decisions of firms in different contexts, and understand the role of competition in business decision-making.

 

They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets.

 

Students will need to be able to apply relevant quantitative skills to the content covered introduced in this unit, including calculations, the use of data and the drawing of diagrams.

Economics Unit 4: Content Overview - Duration 12 weeks

 

• Causes and effects of globalisation

• Trade and the global economy

• Balance of payments, exchange rates and international competitiveness

• Poverty and inequality

• The role of the state in the macro economy

• Growth and development in developing, emerging and developed economies

 

Unit 4: Description

 

This unit develops the knowledge and skills gained in Unit 2. The application, analysis and evaluation of economic models is required, as well as an ability to assess policies that might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 40 years, including contemporary issues, is required.

 

Wider reading and research will enable students to use up-to-date and relevant examples in their analysis and evaluation of issues and developments in the global economy.

 

Students will need to be able to apply relevant quantitative skills to the content covered in this unit, including calculations, the use of data and the drawing of diagrams.