Module ECON1011: Principles of Economics

Department: Economics

ECON1011: Principles of Economics

Type	Level	Credits	Availability	Module Cap	Location
Tied	1	20	Available in 2026/2027	None.	Durham

Tied To

Pre-requisites

A-Level Mathematics minimum grade A or equivalent

Corequisites

None

Excluded Combinations

None

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 topics are likely to include:
Demand, supply and the market determination of prices.
How markets work.
Consumer spending choices, indifference curves and the budget constraint.
Household saving and investment decisions.
Production of goods and services and the theory of the firm.
Competition, monopoly and oligopoly.
Game theory.
Utility and decision making.
MACROECONOMICS: Topics are likely to include:
Goods market equilibrium.
Money market equilibrium.
The IS-LM model and the operation of monetary and fiscal policy.
Exchange rates, the balance of payments, and the determinants of international trade.
Labour market equilibrium.
Aggregate demand and supply
Unemployment and inflation.
Growth theories.

Learning Outcomes

Subject-specific Knowledge

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

Subject-specific Skills

By the end of the module students should be able to:
explain key theories in microeconomics;
explain key theories in macroeconomics;
use appropriate techniques for economic analysis.

Key Skills

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 seminars. Learning takes place through attendance at lectures, preparation for and participation in tutorials, and private study. Tutorial questions give students the opportunity to test their understanding of the subject.
Formative assessment is by means of essay questions.
Summative assessment is by means of a written examination to test students knowledge and understanding of the subject-matter.

Teaching Methods and Learning Hours

Activity	Number	Frequency	Duration	Total Hours	Attendance Monitored
Lectures	40	2 per week	1 hour	40
Tutorials	8	4 in Term 1, 4 in Term 2	1 hour	8	Yes
Revision Classes	2	2 in Term 3	1 hour	2
Preparation and Reading				150
Total				200

Summative Assessment

Component	Component Weighting	Element	Length/Duration	Element Weighting	Resit Opportunity
Examination	100%	On Campus Written Examination	2 hours	100%

Formative Assessment

At least one written piece of work to prepare students for summative exam.

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.