Foundations of Economics
| Code | School | Level | Credits | Semesters |
| ECON1043 | Economics | 1 | 30 | Full Year UK |
- Code
- ECON1043
- School
- Economics
- Level
- 1
- Credits
- 30
- Semesters
- Full Year UK
Summary
This is an introductory module in microeconomics and macroeconomics; there is no assumption of any prior knowledge of economics. The first semester considers microeconomics. It begins by analysing how the economic choices of households and firms can be understood using consumer and producer theory. It then looks at how these individual choices are aggregated into market demand and supply to be mediated through the price mechanism. A variety of market settings are considered, ranging from the paradigm of perfect competition to the analysis of monopolistic firms. The module continues by providing an introduction to the normative evaluation of economic outcomes and market failures. The second semester considers macroeconomics - the study of the aggregate economy. This part will focus on the determinants of aggregate output, both in the short run - addressing cyclical movements of booms and busts - and in the long run - providing an introduction to economic growth. A running theme will be debates over the role of the government in macroeconomic management, covering fiscal and monetary policy. The module will introduce a series of basic models used in modern macroeconomics. The module also introduces students to the essential skills required for study as an economist.
Target Students
Available to Year 1 Undergraduate students on the BA Hons Politics and Economics, BA Hons Economics and Philosophy, BA Hons Economics with French, BA Hons Economics with German and BA Hons Economics with Hispanic Studies degrees. This module cannot be taken with ECON1022 Foundations of Microeconomics or ECON1023 Foundations of Macroeconomics.
Classes
This module is delivered through a series of lectures and tutorials.
Assessment
- 20% Exam 1 (1-hour): Exam (Autumn)
- 20% Exam 2 (1-hour): Exam (Spring)
- 60% Exam 3 (2-hour): Exam (Spring)
Assessed in both autumn & spring semest
Educational Aims
The main aims of this module are:To provide a sound basis in the fundamentals of microeconomics and macroeconomics, and their application to both theoretical and real-world situations.To develop analytical skills using the major methods of mathematics and diagrams.To engender the ability to communicate and report findings, particularly via tutorial essays, presentations and exercises.The module aims to enable the participants to develop skills in reflection of understanding of material through tutorial questions and engagement in discussions during tutorials.Learning Outcomes
The specific learning outcomes that apply to this module are:
- A1 Demonstrate a broad knowledge of core areas of economics
- A4 Demonstrate understanding of verbal, graphical, mathematical and econometric representation of economic ideas and analysis, including the relationship between them
- B1 Work with abstract concepts and in a context of generality
- B2 Reason logically and work analytically
- B4 Be able to frame analysis of problems, identifying which parameters should be taken as fixed and why they might change
- C1 Discuss and analyse government policy
- C4 Understand the context in which a problem is to be addressed
- D1 Apply mathematical, statistical and graphical techniques in an appropriate manner
- D2 Communicate effectively and clearly in written and oral formats.