Unit information: Principles of Economics in 2020/21

Unit name	Principles of Economics
Unit code	EFIM10050
Credit points	20
Level of study	C/4
Teaching block(s)	Teaching Block 2 (weeks 13 - 24)
Unit director	Dr. Kuchar
Open unit status	Open
Pre-requisites	At least GCSE Mathematics Grade 7 or equivalent. This unit is NOT available to students taking degrees in the School of Economics, Finance and Management except on programmes where it is a mandatory unit.
Co-requisites	None
School/department	School of Economics
Faculty	Faculty of Social Sciences and Law

Description including Unit Aims

This unit provides an introduction to core economic principles. Students become familiar with the economic way of thinking and learn how to apply economic principles to a variety of real-world problems. The course is particularly suited to students who wish to learn how to systematically observe the world through data and acquire analytical writing skills to better communicate economic ideas.

The economic way of thinking is not limited to commercial activity, it applies to all human endeavours. In this class we will learn about the choices the individuals make and the exchanges they take part in as buyers and sellers, as members of households and firms, as employers and employees, or as landlords and tenants. We will pay attention to the notions of efficiency and inequality, justice and fairness, and to the power relations in market and non-market exchanges. The unit highlights the embeddedness of markets in social and political institutions and emphasizes the moral and ethical problems that markets solve or fail to solve.

While this unit is mandatory for some students taking degrees in the School of Economics, Finance and Management, it is an excellent choice for non-economic majors.

Intended Learning Outcomes

1. To develop understanding of basic economic concepts and techniques;
2. To apply these concepts to economic problems
3. To increase student ability to write clearly and analytically

Teaching Information

Teaching will be delivered through a combination of synchronous and asynchronous sessions such as online teaching for large and small group, face-to-face small group classes (where possible) and interactive learning activities

Assessment Information

20% MCQ (ILO 1,2,3) Written report/Essay (1000) (40%) (ILO 1, 3) Written report/Essay (1000) (40%) (ILO 2, 3)

Reading and References

The CORE Team. (2019). Economy, Society and Public Policy. Oxford University Press.

Further resources are available through TALIS.