Economics 1A, together with Economics 1B, teaches the basic principles of economics. Economics 1A focuses on fundamental principles and microeconomics, including the role of the market mechanism in resource allocation and its limitations. As part of the introduction, Adam Smith's contributions are discussed to provide historical context and foundational insights into economic reasoning, helping to build students' broader understanding of economic principles.

Lectures: Mondays, Tuesdays, and Thursdays 2.00-3.00pm and repeated at 3.00-4.00pm for 10 weeks (teaching weeks 1-5 and 7-11). Week 11 is a revision week.

10 x 1-hour tutorials. 

■ ECON1010 - Introductory Economics

The general aims of this course are to:

■ provide an overall introduction to economics as being principally concerned with dealing with the problems of the allocation of scarce resources and insights into how the concept of 'opportunity cost' is reflected in economists' view of the world;

■ enhance the understanding of the economic aspects of current affairs;

■ provide a foundation for further study of economics;

■ encourage you to take responsibility for your own learning (self-directed learning), and to acquire skills relevant to a wide range of situations beyond this course: how to think analytically and express yourself clearly.

By the end of this course, students should be able to:

1. Show understanding of the fundamental principles of economics, including the allocation of scarce resources through the market mechanism, decision-making using marginal analysis, and interventions to address inefficiencies.

2. Explain consumer behaviour utilising the framework of preferences, budget lines and indifference curves;

3. Deploy graphical techniques and basic algebra to illustrate, analyse and explain economic phenomena e.g. the interpretation of the different market conditions under which companies decide upon their optimal pricing and output decisions;

4. Demonstrate an ability to construct a focused argument based on coherent general economic principles to address and communicate solutions to contemporary microeconomic issues.

Students must submit at least 75% by weight of the components (including examinations) of the course's summative assessment.