Undergraduate Programme and Module Handbook 2020-2021 (archived)
Module ECON1101: INTRODUCTION TO ECONOMICS
Department: Economics and Finance
ECON1101: INTRODUCTION TO ECONOMICS
| Type | Tied | Level | 1 | Credits | 20 | Availability | Available in 2020/21 | Module Cap | None. | Location | Durham |
|---|
| Tied to | NN43 |
|---|---|
| Tied to | N302 |
| Tied to | N304 |
| Tied to | N305 |
| Tied to | N306 |
| Tied to | N307 |
| Tied to | NN42 |
| Tied to | N204 |
| Tied to | N206 |
Prerequisites
- None
Corequisites
- None
Excluded Combination of Modules
- None.
Aims
- To introduce the basic principles of economics.
- To provide a sound foundation for second year core modules in Micro- and Macroeconomics.
Content
- Economic principles, methodology and model building.
- Demand, supply and price determination.
- Welfare analysis.
- Consumer theory: households' choices (indifference curves, utility maximisation).
- Producer theory: production decisions (profit maximisation, cost minimisation).
- Market structures (e.g. monopoly, oligopoly).
- Introduction to behavioural and experimental economics.
- The macroeconomic environment.
- Aggregate demand and supply analysis.
- Determinants of investment.
- The role of money and interest rates.
- Basics of the IS-LM model.
- Fiscal and monetary policies.
- Economic growth (e.g. the Solow model).
Learning Outcomes
Subject-specific Knowledge:
- understand the basic principles by which prices are determined and under which markets operate, the key macro-economic variables, and the basic theories relating to their determination.
Subject-specific Skills:
- have practised problem solving and analytical skills
Key Skills:
- Planning, organisation and time management - by preparing work for classes, and by preparing for and undertaking the summative assessment.
- Written communication - by formative and summative assessment.
- Problem solving - by applying core mathematical skills (geometrical and analytical) to answer a range of problems.
- Computer Literacy and information retrieval - by accessing, and downloading teaching material from DUO; using e-mail to communicate with lecturers and others on the module; undertaking bibliographical search and information retrieval; and accessing the web-site that accompanies the module core text.
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. Formative assessment is by two problem sets (one per term). Summative assessment is by means of a written examination.
Teaching Methods and Learning Hours
| Activity | Number | Frequency | Duration | Total/Hours | |
|---|---|---|---|---|---|
| Lectures | 20 | Weekly | 2 hours | 40 | |
| Tutorials | 8 | every second week | 1 hour | 8 | ■ |
| Revision Lectures | 2 | 2 in term 3 | 1 hour | 2 | |
| Preparation and Reading | 150 | ||||
| Total | 200 |
Summative Assessment
| Component: Examination | Component Weighting: 100% | ||
|---|---|---|---|
| Element | Length / duration | Element Weighting | Resit Opportunity |
| One written examination | 3 hours | 100% | same |
Formative Assessment:
Two problem sets (one per term)
■ 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