Microeconomics examines the theories and models that explain the behaviour of consumers, firms and markets. Topics include consumer choice, the theory of the firm, partial and general equilibrium, imperfect competition, game theory, risk and uncertainty, and market imperfections. Students apply these concepts to South African examples, evaluate their relevance to real economic challenges and develop informed responses to economic issues. The module also emphasises the ethical application of economic knowledge in professional, entrepreneurial and community contexts.

This module develops students’ understanding of macroeconomic principles and their application through macroeconomic models. Topics include expectations in goods and financial markets; the functioning of goods, financial and foreign exchange markets in an open economy; and the use of fiscal and monetary policy to achieve macroeconomic objectives. Using South African examples and current economic issues, students learn to evaluate theories, analyse economic challenges and propose practical solutions. They develop the knowledge, skills and professional attitudes needed to work ethically as economic officers and financial advisers, apply their learning in entrepreneurial and workplace settings, and advise communities on economic matters. The module develops critical thinking and responsible citizenship, preparing students to contribute to national development and social transformation. Its applications extend across management, commerce, medicine and engineering. It also supports progression to higher levels of study, subject to meeting the relevant programme requirements.

Econometrics develops students’ understanding and practical application of advanced econometric methods. Students use software such as EViews to analyse economic data and apply techniques including pooled cross-sectional analysis, basic and advanced panel data methods, instrumental variables estimation, two-stage least squares, simultaneous equations models, limited dependent variable models, sample selection corrections and advanced time series analysis. The module strengthens the quantitative and analytical skills needed for economic research.

Mathematical Economics equips students with mathematical techniques for solving linear and non-linear problems in microeconomics and macroeconomics. Students explore mathematical tools used across fields such as econometrics, international trade and finance, public finance, and resource and environmental economics. The emphasis is on applying these tools to theoretical and practical economic problems relating to the behaviour of households, firms and markets.

Research Projects A and B introduce students to the theoretical foundations, procedures and methodologies of research. Students explore the cyclical nature of applied research and the iterative process of research writing, while developing the skills needed to undertake independent research with guidance from an academic adviser. They learn to identify a research topic, formulate a problem statement, develop hypotheses and research questions, review theoretical and empirical literature, and select appropriate research designs and methods.

Research Projects A and B introduce students to the theoretical foundations, procedures and methodologies of research. Students explore the cyclical nature of applied research and the iterative process of research writing, while developing the skills needed to undertake independent research with guidance from an academic adviser. They learn to identify a research topic, formulate a problem statement, develop hypotheses and research questions, review theoretical and empirical literature, and select appropriate research designs and methods.

Development Economics investigates why some nations are wealthy while others remain poor. Students examine the explanations offered by economists and develop a framework for analysing differences in economic development. Through engagement with existing literature and written research, they learn to develop, organise and communicate original insights that contribute to debates in development economics.

Industrial Policy examines industry structures and firm behaviour under different technological, competitive and organisational conditions. Students apply microeconomic and econometric techniques to analyse firms, market structures, strategic interactions, market efficiency and industrial policy. Topics include game theory, imperfect competition in static and dynamic settings, collusion, market entry and firms’ responses to entry, product differentiation, monopolistic behaviour, vertical integration, the determinants of market structure and efficiency analysis.