Module ECON1011: ELEMENTS OF ECONOMICS

Department: ECONOMICS FINANCE AND BUSINESS (ECONOMICS AND FINANCE)

ECON1011: ELEMENTS OF ECONOMICS

Prerequisites

• None.

Corequisites

• None.

Excluded Combination of Modules

• Business Decisions I: Costs and Markets (BUSI1071)

Aims

• To introduce the basic principles of economics
• To provide a sound foundation for second year core modules in Micro- and Macroeconomics.

Content

• MICROECONOMICS: The methodology of economics.
• Demand, supply and the market determination of prices.
• Consumer spending choices, indifference curves and the budget constraint.
• Household saving and investment decisions.
• Labour supply decisions and the choice between work and leisure.
• Production of goods and services and the theory of the firm.
• The operation of competitive markets.
• Imperfect markets, monopoly, monopsony, and oligopolies.
• MACROECONOMICS: The Keynsian model of the circular flow of income and expenditure.
• The consumption function.
• IS-LM analysis.
• Money, banking and the globalisation of finance.
• Monetarism.
• Rational expectations and New Classical Economics.
• Unemployment and inflation.
• Growth theories.
• Business cycles.

Learning Outcomes

• know and understand the basic principles of economics
• be able to apply an economic framework to the analysis of decision making by producers and/or consumers
• be able to construct and explain fundamental macro-economic models and interrelationships and how they are affected by change
• have had exposure to rival schools of thought in the evolution of economics

• Manipulation of microeconomical and macroeconomical analysis

• Critical and analytical thinking
• problem solving
• written communication
• own learning
• working with numbers
• library skills
• information retrieval

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Teaching is by lectures, tutorials and support for student-centred learning. Learning takes place through attendance at lectures, preparation for and participation in tutorial classes and private study (including student-centred learning). Tutorial Groups give students the opportunity to test their understanding of the subject. Formative assessment is by means of a mid year test and fortnightly tutorial assignments. Summative assessment is by means of an unseen written examination of 2.25 hours’ duration to test students’ knowledge and understanding of the subject-matter.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

1 hour test consisting of short answers and multiple choice questions. Fortnightly tutorial assignments.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University