| Unit name | Principles of Economics |
|---|---|
| Unit code | EFIM10050 |
| Credit points | 20 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
| Unit director | Mr. Huxley |
| Open unit status | Open |
| Pre-requisites |
A in GCSE Mathematics. This unit is NOT available to students taking degrees in the School of Economics, Finance and Management. |
| Co-requisites |
None |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
The aim of the course is to teach a set of core economic principles to help you apply these principles to a variety of economic problems. The course is particularly suited to students who wish to acquire analytical writing skills.
The unit is divided into two parts: teaching block 1 covers the core principles of economics. Teaching Block 2 uses the tools developed in the first part of the course to analyse a range of topical economic problems.
Teaching Block 1: Why markets work: demand and supply; competition and monopoly; trade. Why markets fail: externalities; public goods; common resources; welfare.
Teaching Block 2: Globalisation and inequality; economics of global warming and climate change; the economics of Higher Education (student loans and incentives in HE); the London congestion charge.
NB These topics may change.
Lectures (22) plus two hours for revision in the summer term. Plus 11 classes of roughly 14 students.
Tutorials make extensive use of interactive whiteboards (where this is appropriate).
All the lectures are podcast.
Summative Assessment
This is a three-hour closed book exam, consisting of three essays. All sections require the student to demonstrate all the intended learning outcomes given above.
Formative Assessment
Students prepare fortnightly exercises which are gone over in class. In addition to this they write three short essays. Students receive a mark and feedback on all three essays.
Recommended text:
Paul Krugman and Robin Wells, Microeconomics, Worth Publishers
Students are also referred to blogs and websites where microeconomic issues are discussed.
