Description

Economics 1

Description - summary of the module content

Module description

This module provides the introduction to economics for undergraduates. It introduces the characteristics of economies using historical and cross-country comparisons across the major dimensions of economic performance (growth, inequality, stability).

By taking the main economic actors and showing how they make decisions, the module covers behaviour in goods, labour and credit markets, highlighting the role of the rules of the game (institutions), and showing the sources of market successes and market failures. Behaviour of households and firms is analysed in the economy as a whole, along with that of fiscal and monetary policy makers

Module aims - intentions of the module

This module aims to provide students with a basic understanding of economics, and to apply this way of thinking to real world problems. It aims to help students understand the world around them, become more astute participants in the Economy and Society and help them understand Economic Policy so that they can better judge the decisions affecting the allocation of their society’s resources.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. Outline and apply the main topics in introductory economic theory
• 2. Explain any basic problem in economics using diagrams and to some extent using Maths

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 3. Identify, present and explain standard theoretical economic models and apply them to analyses of economic questions and policy issues
• 4. Develop skills to undertake further economics, as this module is one of the building blocks to understand the subject

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 5. Communicate concepts/definitions/arguments
• 6. Prepare for and meet strict deadlines

Syllabus plan

Syllabus plan

• The Capitalist revolution
• Technological change, population and growth
• Scarcity, work and choice
• Social interactions
• Property and power: Mutual gains and conflict
• The firm: Owners, managers and employees
• The firm and its customers
• Supply and demand: Price-taking and competitive markets
• The Labour market: Wages, profits, and unemployment
• Banks, money and the credit market
• Price-setting, rent-seeking, and market dynamics
• Markets, efficiency and public policy

Learning and teaching

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Assessment

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Re-assessment

Details of re-assessment (where required by referral or deferral)

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 referral 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 - Web based and electronic resources

CORE’s  The Economy, available (for free) at: https://www.core-econ.org/

Doing Economics, available (for free) at: https://www.core-econ.org/doing-economics/index.html 

Module has an active ELE page

Key words search

Economics, microeconomics, capitalism, supply and demand, markets