| Unit name | Economics 1 |
|---|---|
| Unit code | EFIM10025 |
| Credit points | 20 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Professor. Spielmann |
| Open unit status | Not open |
| Pre-requisites |
None |
| Co-requisites |
None |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
This is the first of two introductory economics units. The unit provides an analytical introduction to the core concepts and tools of modern microeconomics and macroeconomics.
Starting from historical and cross-country comparisons, students will learn the role economic analysis can play in understanding modern economies. Students will use empirical data, graphical and mathematical models as well as historically and methodologically informed narrative in order to analyse, discuss and communicate relevant economic questions and ideas.
The main aspects to be studied will be:
(i) The behaviour of economic actors in the goods, labour and credit markets
(ii) How institutions and policy shape economic outcomes.
(iii) When markets can successfully organise economic activity and under which circumstances they fail to do so.
Students will be able:
[1] to understand and make appropriate use of graphical and mathematical models as well as historically and methodologically informed narrative to explain economic behaviour as well as current and past events in economics.
[2] to discuss a wide variety of economic situations by analysing the objectives and constraints of various decision makers (including individuals, households, firms, communities, unions, governments).
[3] to be able to explain and use important micro and macroeconomic concepts
[4] to describe main empirical regularities and make economic judgements based on simple data analysis.
[5] to explain the contributions that economic analysis can make to addressing some problems of current concern such as inequality, poverty, unemployment, pollution, climate change.
[6] to appropriately communicate economics to expert and non-expert audiences.
[7] to practice and improve collaborative working skills.
The course is taught in 36 hours of lectures and 10 hours of small group classes.
Summative assessment:
[1] Multiple Choice Exercises (20%), which assess learning outcomes [1] – [5]
During the term, students will be asked to complete 9 (nine) short online multiple choice exercises. The best 5 (five) aexercises will contribute towards the final mark. Students receive online feedback on each exercise submitted.
[2] Written Report / Essay (20%), which assesses learning outcomes [1] – [7]
During the term, students will write a report of approximately 1000 words. As part of the assessment students will engage in peer feedback of a draft version.
[3] 90 min examination in January (60%) which assesses learning outcomes [1] – [6]
Students will be required to engage in a group project, which will normally be referred to in either the written report or the examination. This assesses learning outcomes [6] and [7]
[1] online version: www.core-econ.org,
[2] printed version by Oxford University Press)
- Further readings consisting of book chapters, policy reports and other notes will be made available to students.
