| Unit name | The Economy |
|---|---|
| Unit code | EFIM10026 |
| Credit points | 40 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
| 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 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 different dimensions of modern economies.
The unit covers the behaviour of economic actors in the goods, labour and credit market and analyses how institutions and policy shape economic outcomes. It shows when markets can successfully organise economic activity and discusses under which circumstances they fail to do so.
The unit draws on empirical data, graphical and mathematical models as well as historically and methodologically informed narrative and students will use all of these to analyse and discuss relevant economic questions and ideas and communicate them to specialist and non-specialist audiences.
After studying this unit, students will have the appropriate foundational economics knowledge in order to successfully, and without undue difficulties, master more advanced units in subsequent years.
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.
Large group lectures (including exercise lectures): 72 hours
Small group classes: 20 hours
Summative Assessment
[1] Multiple Choice Exercises (20%) [test learning outcomes [1]-[3] and [5]]
During the term, students will be asked to complete 9 (nine) online multiple choice exercises in TB1 and 9 (nine) online multiple choice exercises in TB2 . The best 5 (five) tests in TB1 and the best 5 (five) tests in TB2 will contribute towards the final mark. Students receive online feedback on each exercise submitted.
[2] Project (30%) [test all learning outcomes, with particular focus on [4]]
During the term, students will write a 3000 word project report / essay.
[3] 2h examination during the May/June examination period (50%) [tests all learning outcomes]
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] The CORE Team (2017): The Economy – Economics for a changing World
[a.] online version: www.core-econ.org,
[b.] printed version by Oxford University Press)
[2] Additional readings from book chapters, research articles, newspaper articles, policy reports and other media items will be made available to students.
