Economics

Part 1 Introduction: Economics and the motor industry; basic principles; trade; demand, supply and price; using demand and supply; time and risk; the public sector. Part 2 Perfect markets; the consumption division; labour supply and savings; the firm's costs; production; competitive equilibrium. Part 3 Imperfect markets: monopolies and imperfect competition; oligopolies; government policies towards competition; technological change; imperfect information in the product market; imperfections in the labour market. Part 4 Policy issues: externalities and the environment; taxes, transfers and redistribution; public decision making. Part 5 Full-employment macroeconomics: macroeconomics goals and measures; the full-employment model; using the full-employment model. Part 6 Unemployment macroeconomics: overview of unemployment macroeconomics; aggregate demand; consumption and investment; money, banking and credit; monetary theory; fiscal and monetary policy. Part 7 Dynamics and macro policy: inflation - wage and price dynamics; unemployment - understanding wage rigidities; inflation versus employment - approaches to policy. Part 8 Issues in macroeconomic policy: growth and productivity; economic integration - the European Union; trade policy; alternative economic systems; development.