Description
Introduction to Economics
| Module title | Introduction to Economics |
|---|---|
| Module code | INT0017 |
| Academic year | 2020/1 |
| Credits | 20 |
| Module staff | John Hoskin (Convenor) Emdad Aziz (Lecturer) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 12 | 12 |
| Number students taking module (anticipated) | 40 |
|---|
Description - summary of the module content
Module description
This compulsory module explores the way in which individuals, organisations and governments exercise choice against the background of the scarcity of resources. Whilst the focus is on microeconomic principles and concepts, links to macroeconomics will be made where appropriate.
Microeconomics studies how individual units (a person, household, form or government) make economic decisions and how those decisions, coordinated by markets, affects the distribution and use of scarce resources. The module introduces students to key concepts and tools for undertaking and applying microeconomic analysis.
Module aims - intentions of the module
The aim of this module is to give the student an introduction to the core concepts of microeconomics.
The terminology of microeconomics will be presented in English and practised through listening, reading, speaking and writing.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. Demonstrate an understanding of basic microeconomic concepts
- 2. Demonstrate the use of appropriate terminology
- 3. Demonstrate an understanding of concepts through numerical procedures and diagrams
- 4. Apply the economic way of thinking to understand microeconomic issues
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 5. Apply economic concepts to practical situations and topical issues
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 6. Engage in problem solving activities
Syllabus plan
Syllabus plan
1. Foundations of micreconomics
2. Demand, supply and the determination of price
3. Elasticity
4. The free market system
5. Intervening in the market
6. Short and long run costs
7. Revenues and profits
8. Market structures
9. Labour Market
Learning and teaching
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 60 | 140 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled Learning and Teaching Activities (synchronous) | 40 | Lecture. Seminars - these will be teacher led. You should prepare for each seminar based on the related lecture. |
| Formative Assessment Activities | 20 | Working on case studies, problem solving activities, online activities |
| Guided independent study | 140 | ELE resources consisting of concept & language resources, news articles, extension reading. |
Assessment
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Online tests; problem solving; case studies | 1-2 hours | 1-6 | Verbal and on ELE |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 40 | 60 | 0 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Case Study and Assignment (open book) | 40 | 1800 words | 4, 5 | On-line feedback |
| Written Examination (open book) | 60 | 4 hours, online | 1-3, 6 | Verbal feedback on formal submission. |
Re-assessment
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Case Study and assignment (open book) | Examination (open book, 4 hours, online) | 1-6 | Prior to the APAC meeting for the cohort |
| Written Examination (open book) | Examination (open book, 4 hours, online) | 1-6 | Prior to the APAC meeting for the cohort |
Re-assessment notes
Deferral – if you miss an assessment for reasons judged legitimate by the Mitigation Committee, the applicable assessment will normally be deferred. See ‘Details of reassessment’ for the form that assessment usually takes. When deferral occurs there is ordinarily no change to the overall weighting of that assessment.
Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be required to take a re-sit exam. Only your performance in this exam will count towards your final module grade. A grade of 40% will be awarded if the examination is passed.
Resources
Indicative learning resources - Basic reading
Basic reading:
Course textbook: Sloman, J. & Garratt, D (2019) Essentials of Economics (8th, Ed.). Harlow: Pearson Education Ltd.
Indicative learning resources - Web based and electronic resources
http://vle.exeter.ac.uk/course/view.php?id=1912
Module has an active ELE page
Indicative learning resources - Other resources
Economic Review Philip Allen; Hodder Education
| Credit value | 20 |
|---|---|
| Module ECTS | 10 |
| Module pre-requisites | None |
| Module co-requisites | None |
| NQF level (module) | 3 |
| Available as distance learning? | Yes |
| Origin date | 01/09/2007 |
| Last revision date | 30/07/2020 |