Module ECON1011: ELEMENTS OF ECONOMICS

Department: Business School (Economics and Finance)

ECON1011: ELEMENTS OF ECONOMICS

Pre-requisites

Corequisites

Excluded Combinations

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.
• Competition, Monopoly and Oligopoly.
• Game Theory, factor markets.
• MACROECONOMICS: Introduction
• Keynesian macroeconomics.
• Financial markets.
• The IS-LM model.
• Aggregate demand and supply
• Unemployment and inflation 1: the Phillips curve and rational expectations.
• Unemployment and inflation 2: New Classical and New Keynesian theories.
• 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 and tutorials. Learning takes place through attendance at lectures, preparation for and participation in tutorial classes, and private study. Tutorial Groups give students the opportunity to test their understanding of the subject. Formative assessment is by means of fortnightly tutorial on-line assessment, regular tutorial assignments and a mid year test. Summative assessment is by means of a written examination to test students’ knowledge and understanding of the subject-matter.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment

1 hour test/mock exam in December consisting of short answers and multiple choice questions. Fortnightly on-line multiple choice test and tutorial assignments throughout the Michaelmas and Epiphany Terms.