Gwybodaeth Modiwlau

Module Identifier
Module Title
Economic Theory and Policy
Academic Year
Semester 2
Reading List
Other Staff

Course Delivery



Assessment Type Assessment length / details Proportion
Semester Assessment Class test  (1 hour)  20%
Semester Assessment Written essay  (1,500 words)  20%
Semester Exam 2 Hours   60%
Supplementary Assessment Written essay  (1,500 words)  20%
Supplementary Assessment Class test  (1 hour)  20%
Supplementary Exam 2 Hours   60%

Learning Outcomes

On successful completion of this module students should be able to:

Identify the characteristic features of product and factor market structures under perfect competition, imperfect competition, and alternate theories of the firm, and analyse the determination of price and output.

Identify the sources of income inequality, and evaluate policy options for redistribution.

Demonstrate understanding of economic concepts of externalities, public goods and common resources, analyse their implications for market failure and need for government intervention, and assess efficiency considerations in a general equilibrium framework.

Demonstrate an understanding of the monetary system, and analyse the effect of fiscal policy and monetary policy on economic activity, unemployment and inflation.

Apply economic reasoning to identify the sources of economic growth.

Identify the gains from international trade, and the advantages and disadvantages of fixed and flexible exchange rate regimes, and analyse issues relating to the management of the environment.

Brief description

This module provides coverage, at an introductory level, of a range of topics in microeconomics and macroeconomics. Coverage includes the neoclassical and alternative theories of the firm, the labour market, poverty and inequality, macroeconomic policy, international trade and globalization, and environmental economics.


• Product Markets: Perfect Competition versus Imperfect Competition
• Alternate theories of the firm
• Factor markets: Perfect competition versus imperfect competition
• Economic inequality and redistribution of income
• Externalities, public goods and common resources
• General equilibrium and efficiency
• The monetary system
• Government and the economy: Fiscal policy and monetary policy
• Unemployment and inflation: Revisiting aggregate demand and aggregate supply
• Economic growth
• International trade, balance of Payments and exchange rates
• Globalization and regional interdependence
• Developing and emerging economies
• Economics of the environment
• Valuing the environment
• Market-based and non-market-based incentives
• Climate change and carbon emissions policy

Module Skills

Skills Type Skills details
Application of Number Use mathematical reasoning and analysis to handle quantitative relationships and apply formulae underlying problems related to microeconomic and macroeconomic questions.
Communication Develop written communication skills when submitting written coursework and in examinations. Listen effectively in lectures and participate in tutorial classes in preparation for assessments.
Improving own Learning and Performance Cultivate preferred learning styles through self-management; develop a structured approach to learning through efficient time management.
Information Technology Use word-processing software to prepare written work; use spreadsheet software to complete elements of tutorial questions; use e-mail and Blackboard for coursework submission and keeping in touch with the module.
Personal Development and Career planning Acquire critical self-reflection capacity to develop knowledge and communication skills relevant to career planning.
Problem solving Improve analytical skills to select and apply appropriate methods for solving set problems in tutorial classes, lectures and in preparation for assessments.
Research skills Develop library and other basic information accessing and researching skills, for use in writing coursework and for preparation for assessments.
Subject Specific Skills Develop knowledge and understanding of economics, including standard approaches to production theory, and firm strategies in different market contexts; and how an overall economy works in practice.
Team work Team working skills through self-study working groups.


This module is at CQFW Level 4