The module introduces students to economic thinking and the economising problem. It refers to the economic system, scarcity, and choice. It outlines the basic characteristics of the market mechanism (demand and supply) and focuses on price determination, the market system, production, and cost. It also describes various market structures (perfect competition, monopoly, monopolistic competition, and oligopoly). After introductory study of microeconomics, the module turns your attention to the study of macroeconomics, discussing output, unemployment, inflation, wage rates, consumption, investment, taxation, government spending, imports, exports, interest rates and exchange rates. As part of the module, you will identify economic data relating to the performance of the Greek economy.