This is an archived handbook for a previous year. The current undergraduate and postgraduate handbooks can be viewed using the links above.

Undergraduate Handbook 2010-2011 (archived)

Module ECON1021: ECONOMIC METHODS

Department: Economics, Finance and Business (Economics and Finance)

ECON1021: ECONOMIC METHODS

Type	Level	Credits	Availability	Module Cap	Location
Open	1	20	Available in 2010/2011	None.	Durham

Pre-requisites

AS level Maths, minimum grade B

Corequisites

Elements of Economics (ECON1011).

Excluded Combinations

Maths modules (modules with MATH codes) may only be taken with the approval of the Director of Undergraduate Studies (or his/her nominee).

Aims

To familiarise students with the use of mathematical and numerical tools in solving economic problems, and to provide a quantitative basis for progression to final honours. In addition, students will have the opportunity to develop key skills.

Content

Mathematical Section: Sets,nonlinear functions,elasticity,calculus, partial differentiation and constrained optimisation in an economic context
Statistical Section: Exploratory data analysis, discrete and continuous distributions,sampling distributions, hypothesis testing, confidence intervals and statistical visualisation.

Learning Outcomes

Subject-specific Knowledge

an understanding of basic data analysis
an appreciation of the characteristics of economic data
a facility with the mathematical techniques of elementary algebra and optimisation
experience in using these techniques in economic model building and analysis

Subject-specific Skills

The ability to set up basic economic problems as systems of mathematical equations and solve constrained optimisation resource allocation problems
To understand statistical distributions and basic hypethesis testing

Key Skills

Written Communication -by completing the summatively-assessed project
Numeracy - e.g. by applying core mathematical and statistical skills to answer a range of examination questions
Problem Solving and Analysis - by applying the necessary mathematical and quantitative skills to a wide range of economic problems
Planning, Organisation and Time Management - by collecting and organising data for the statistical project, and ensuring submission by the strict assignment deadline.
Initiative - e.g. by searching relevant literature and information in preparation for the project.
Computer Literacy and Information Retrieval -e.g. by the compulsory use of word processing and spreadsheets in the production of the summative project

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

Teaching is by lectures and tutorials. Learning takes place through attendance at lectures, preparation for and participation in tutorial classes, and private study. In addition there are three IT workshops. Formative assessment is by means of 1 test and 1 set of exercises. Summative assessment is by means of a written examination to test students’ knowledge and understanding of the subject-matter, plus a written assignment to test their ability to apply what they have learned.

Teaching Methods and Learning Hours

Activity	Number	Frequency	Duration	Total Hours	Attendance Monitored
Lectures	38	2 per week	1 hour	38
Practicals/Workshops	10	1 every 2 weeks	1 hour	10	Yes
IT Workshops	3	1 per term	1 hour	3	Yes
Preparation and Reading				149
Total				200

Summative Assessment

Component	Component Weighting	Element	Length/Duration	Element Weighting	Resit Opportunity
Examination	75%	One written examination	2 hours	100%
Assignment	25%	Assignment	1500	100%

Formative Assessment

1 test, 1 set of exercises.

Students who do not attend monitored activities shown under Teaching Methods and Learning Hours, or who fail to complete the summative or formative assessment(s) specified above, may be subject to the Academic Progress procedures defined in the University's General Regulation V, and may be required to leave the University.