In Semester 1 you study Microeconomics and in Semester 2 Macroeconomics. Economics on the IFP aims to introduce you to economic models and skills so that you are able to analyse real life economic problems. If you study this subject, you also have to study Mathematics for Economics.
Economists are increasingly in demand across the globe and London, which has a rich commercial heritage, is one of the world's most important financial centres: there is no better place to study economics. Studying economics not only enables you to gain an understanding of the ever-changing world around them, but it also opens up a wide range of future career opportunities.
In Microeconomics the focus is on the demand behaviour of consumers and the supply contact of producers, showing how markets work and why different markets exhibit different forms of performance. It analyses the external environment in which a firm operates, namely the nature of competition it faces, the type of industry in which it operates, the prices of its inputs, the general state of the economy and the global environment, and how consumers respond to all these inputs. Macroeconomics, on the other hand, is interested in the interaction of different parts of the economy. It stresses broad aggregates, such as the total demand and supply of good and services within mainly national economies but across their border as well. Most importantly, it is interested in the big issues that affect the economy – growth, inflation, unemployment, fluctuations and crises.
You are taught through a combination of lectures and seminars. Active involvement in seminars is expected.
You are assessed through a series of examinations both during the semester as well as in the final exam period.
Mr Yiroryos (George) Makedonis teaches this module. George's main areas of research are Mathematical Economics, Macroeconomics, and Environmental Economics.
If you take this subject, you also have to do Mathematics for Economics. The School of Economics and Finance at Queen Mary is placed 18th nationally and 4th in London (according to the most recent Guardian university rankings) and IFP students who do this module and apply to the School are guaranteed a conditional offer. The School of Economics and Finance at Queen Mary is ranked first in the UK for student satisfaction. The Bristol-based Why Study Economics has a great deal of useful information for prospective students of economics.
