Course Content

This unit introduces learners to fundamental issues in economics with a particular emphasis on the business environment. Learners will learn about the basic economic problem and how the consumer and other economic agents address this problem. Learners are introduced to the operation of markets and actions that can be taken to help avoid market failure. The unit introduces the theory of National Income and the circular flow of income model.

On completion of this unit, the learner should be able to:

1. Explain the allocation of resources within the economy.
2. Explain the theory of National Income.
3. Explain and evaluate the role of government policy in the UK market.

Entry Requirements

Entry to this unit is at the discretion of the department, but it would be beneficial for applicants to have competence in numeracy and communication. This may be demonstrated by possession of the Core Skill Numeracy at SCQF level 4 and/or the Core Skill Communication at SCQF level 5 or equivalent.

Method of Assessment

Continuous assessment.