This module provides a broad overview of economics suitable as an introduction to the subject for all undergraduates. It is designed to develop students' knowledge of economic ideas in the context of contemporary issues using the tools of elementary economic analysis.
Module aims
The aims of this module are to:
1. Apply economic reasoning to a range of problems relevant for understanding the mechanisms and institutions which allocate and distribute resources.
2. Introduce theories of individual (micro) behaviour, including consumer decision-making as well as firms' conduct in different market structures.
3. Study the determinants of aggregate (macro) level economic activity: inflation, unemployment, business cycles and economic growth.
4. Analyse the national economy in a global environment that includes international trade, monetary and financial systems
5. Analyse the effects of government policy and the choice of those policies
Learning outcomes
On successful completion of the module, students will:
- Have acquired an introductory knowledge of economic principles.
- Be able to use verbal and graphical reasoning to express economic ideas and to apply elementary economic theory to study a range of economic problems.
- Be aware that many economic problems can be approached in several ways and may have more than one solution
- Have become acquainted with the role of decision-making in influencing policies and economic performance at the level of firms, industries and the economy as a whole.
Syllabus
Microeconomics:
Introduction to microeconomics / supply and demand
Price determination and price responsiveness
Theory of consumer choice
Theory of the firm
Perfect competition
Monopoly
Imperfect competition
The labour market
Capital and investment
Welfare economics
Macroeconomics:
Introduction to macroeconomics and national income determination
Fiscal policy and foreign trade
Money and modern banking
Interest rates and monetary transmission
Monetary and fiscal policy in a closed economy
Aggregate supply, the price level and the speed of adjustment
Inflation and the Philips Curve
Unemployment
Open economy macroeconomics
Economic growth and the business cycle
Assessment
Formative:
Weekly homework questions
Revision exercises
Past exam papers on Moodle with tutorial support
Summative:
In order to pass this module, you must pass the final exam with at least 40% and the aggregate (coursework and exam) module mark with at least 40%. The coursework weighting is 50% and the exam weighting is 50%.
Coursework consists of:
One in-class test in week 25 (25%)
In-class case study in week 31 (50%)
One in-class test in week 35 (25%)
Final Exam:
One 3 hour exam undertaken in weeks 40 - 41.
Module aims
The aims of this module are to:
1. Apply economic reasoning to a range of problems relevant for understanding the mechanisms and institutions which allocate and distribute resources.
2. Introduce theories of individual (micro) behaviour, including consumer decision-making as well as firms' conduct in different market structures.
3. Study the determinants of aggregate (macro) level economic activity: inflation, unemployment, business cycles and economic growth.
4. Analyse the national economy in a global environment that includes international trade, monetary and financial systems
5. Analyse the effects of government policy and the choice of those policies
Learning outcomes
On successful completion of the module, students will:
- Have acquired an introductory knowledge of economic principles.
- Be able to use verbal and graphical reasoning to express economic ideas and to apply elementary economic theory to study a range of economic problems.
- Be aware that many economic problems can be approached in several ways and may have more than one solution
- Have become acquainted with the role of decision-making in influencing policies and economic performance at the level of firms, industries and the economy as a whole.
Syllabus
Microeconomics:
Introduction to microeconomics / supply and demand
Price determination and price responsiveness
Theory of consumer choice
Theory of the firm
Perfect competition
Monopoly
Imperfect competition
The labour market
Capital and investment
Welfare economics
Macroeconomics:
Introduction to macroeconomics and national income determination
Fiscal policy and foreign trade
Money and modern banking
Interest rates and monetary transmission
Monetary and fiscal policy in a closed economy
Aggregate supply, the price level and the speed of adjustment
Inflation and the Philips Curve
Unemployment
Open economy macroeconomics
Economic growth and the business cycle
Assessment
Formative:
Weekly homework questions
Revision exercises
Past exam papers on Moodle with tutorial support
Summative:
In order to pass this module, you must pass the final exam with at least 40% and the aggregate (coursework and exam) module mark with at least 40%. The coursework weighting is 50% and the exam weighting is 50%.
Coursework consists of:
One in-class test in week 25 (25%)
In-class case study in week 31 (50%)
One in-class test in week 35 (25%)
Final Exam:
One 3 hour exam undertaken in weeks 40 - 41.