Undergraduate Programme and Module Handbook 2023-2024

# Module ECON1021: ECONOMIC METHODS

## Department: Economics

### ECON1021: ECONOMIC METHODS

Type | Open | Level | 1 | Credits | 20 | Availability | Available in 2023/24 | Module Cap | Location | Durham |
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#### Prerequisites

- A level Maths, minimum grade A

#### Corequisites

- Principles of Economics (ECON1011).

#### Excluded Combination of Modules

- Caclulus I (MATH1061), Single Maths A (MATH1561), Maths for Engineers and Scientists (MATH1551).

#### 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 - topics are likely to include: Equations; Matrix algebra; Differential calculus; Integral calculus.
- Statistical Section - topics are likely to include: Descriptive statistics; Probability, Probability distributions; Sampling distributions; Confidence intervals; Hypothesis tests; Introduction to regression analysis

#### 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 hypothesis 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 - e.g. by applying the necessary mathematical and quantitative skills to a wide range of economic problems
- Planning, Organisation and Time Management - e.g. 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 workshops. Learning takes place through attendance at lectures, preparation for and participation in workshops, and private study.
- Summative assessment is by means of an in-person written examination to test students knowledge and understanding of the subject-matter, a written assignment to test their ability to apply what they have learned and online tests on a continuous basis. Formative assessment is by means of online tests as preparation for the continuous assessment component of the summative assessment.

#### Teaching Methods and Learning Hours

Activity | Number | Frequency | Duration | Total/Hours | |
---|---|---|---|---|---|

Lectures | 40 | 2 per week | 1 hour | 40 | |

Revision Lectures | 2 | 1 per week in Term 3 | 1 hour | 2 | |

Workshops | 8 | 4 in Term 1, 4 in Term 2 | 1 hour | 8 | ■ |

Computer practicals | 2 | 2 in term 2 | 1 hour | 2 | |

Preparation and Reading | 150 | ||||

Total | 200 |

#### Summative Assessment

Component: Examination | Component Weighting: 60% | ||
---|---|---|---|

Element | Length / duration | Element Weighting | Resit Opportunity |

One in-person written examination | 2 hours | 100% | Same |

Component: Assignment | Component Weighting: 20% | ||

Element | Length / duration | Element Weighting | Resit Opportunity |

Assignment | 1500 | 100% | Same |

Component: Continuous Assessment | Component Weighting: 20% | ||

Element | Length / duration | Element Weighting | Resit Opportunity |

Online Tests | 100% | Same |

#### Formative Assessment:

Online test

■ 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