Module ECON1101: INTRODUCTION TO ECONOMICS

Department: Economics and Finance

ECON1101: INTRODUCTION TO ECONOMICS

Tied To

• N204: Accounting and Management with Placement Year
• N206: Accounting and Management with Study Abroad
• N302: Accounting and Finance with Placement Year
• N304: Accounting and Finance with Study Abroad
• N305: Finance
• N306: Finance with Placement Year
• N307: Finance with Study Abroad
• NN42: Accounting and Management
• NN43: Accounting and Finance

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

• 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

• 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.

• have practised problem solving and analytical 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

Summative Assessment

Formative Assessment

Two problem sets (one per term)