The focus is mainly on economic theory but "real world" applications of relevant theories will also be examined, subject to time limitations. The module will typically cover the following topics:

Term 1: microeconomics, which is concerned with the economic behaviour of individual consumers and producing firms, and their interaction in markets for goods, services and factors of production, strategic interaction and the analysis of externalities and public goods.

Topic-1: Introduction: What is Economics? (Parkin: Chapter 1&2)

Topic-2: Demand and Supply (Parkin: Chapter 3 )

Topic-3: Consumer Choices (N&S: Chapter 3&4 and Parkin: Chapter 9)

Topic-4: Uncertainty and Information (Parkin: Chapter 20 )

Topic-5: The Firm: Production (N&S: Chapter 9 and Parkin: Chapter 11 )

Topic-6: The Firm: Cost (Parkin: Chapter 11 )

Topic-7: The Market: Perfect Competition (Parkin: Chapter 12 )

Topic-8: The Market: Monopoly (Parkin: Chapter 13 and N&S: Chapter 14)

Topic-9: The Market: Oligopoly and Game Theory (N&S: Chapter 8 &15)

Topic-10: Public Goods and Externality (Parkin: Chapter 16&17 )

Term 2: macroeconomics, which is concerned with aggregate economic variables or the workings of the national economy as a whole: aggregate output (Gross Domestic Product or GDP), employment and unemployment, inflation, interest rates, the balance of payments, exchange rates, etc., and with government economic policies to influence these variables.

Topic-1: Introduction to Macroeconomics: (Lecture notes + Rochon & Rossi Ch.1 & 2, + Gandolfo Ch.1)

Topic-2: National Accounts, Alternative Measurements (Lecture notes + Miles, Scott & Breedon Ch.2 + Rochon & Rossi Ch. 7 & 8 + Mankiw Ch.3)

Topic-3: Income Distribution, Demand Side & Supply Side of Economy (AD/AS) (Lecture notes, Blanchard, Amighini and Giavazzi Ch. 8 + Rochon & Rossi Ch.7 + Mankiw Ch. 3 & 10 & 11 & 12)

Topic-4: Money, Banking & Financial System (Lecture notes + Rochon & Rossi Ch.4 & 5 & 6 & 15 + Mankiw Ch. 4 & 11 & 12 + Blanchard, Amighini and Giavazzi Ch.5 & 6 & 14)

Topic-5: Shocks & Fluctuations Using IS-LM model, The Great Depression, Economic & Financial Crises (Lecture notes + Mankiw Ch.12 + Blanchard, Amighini and Giavazzi Ch.20)

Topic -6: Inflation, Unemployment and Phillips Curve (Lecture notes + Mankiw Ch. 5 & 7 & 14 + Rochon & Rossi Ch.8 + Blanchard, Amighini and Giavazzi Ch.7 & 9 & 10, Carlin & Soskice Ch.2)

Topic -7: The 3-Equation Model and Macroeconomic Policy (Lecture notes + Carlin & Soskice Ch.3)

Topic -8: Economic Growth, Capital Accumulation, Population Growth, Technological Advancement (lecture notes + Mankiw Ch.8 & 9 + Rochon & Rossi Ch.10 + Blanchard, Amighini and Giavazzi Ch.11 & 12 & 13)

Topic -9: Open Economy Model (Lecture notes + Mankiw Ch.6 & 13 + Amighini and Giavazzi Ch.6)