| Unit name | Economics 2 |
|---|---|
| Unit code | EFIM10027 |
| Credit points | 20 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 2 (weeks 13 - 24) |
| Unit director | Dr. Katerina Raoukka |
| Open unit status | Not open |
| Pre-requisites |
Economics 1 |
| Co-requisites |
None |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
This is the second of two introductory economics units. This unit complements students’ learning in ‘Economics 1’ and provides further analytical training in core concepts and tools of modern microeconomics and macroeconomics.
The key aim is to introduce students to a wide range of models which are useful in the economic analysis of macroeconomic events, aspects of the global economy and the behaviour of consumers, firms and policy-makers.
The main aspects to be studied will be:
(i) the determination of key macroeconomic variables such as GDP, unemployment, inflation and productivity
(ii) aspects of monetary and fiscal policy
(iii) dimension of the global economy
(iv) strategic interaction and market structure
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, acknowledging the interrelatedness of economic variables.
[2] to be able to explain and use important micro and macroeconomic concepts
[3] to describe main empirical regularities and make economic judgements by interpreting economic data.
[4] to explain the contributions that economic analysis can make to addressing some problems of current concern such as financial and economic crises, productivity growth, unemployment, strategic behaviour and market power,
[5] to appropriately communicate economics to expert and non-expert audiences.
Lectures: 36 hours
Classes: 9 hours
Summative assessment:
[1] Multiple Choice Exercises (20%), which assess learning outcomes [1] – [4]
During the term, students will be asked to complete a number of short online multiple choice tests. The best 50% will contribute towards the final mark. Students receive online feedback on each test submitted.
[2] Written Report (ie short essay) (20%), which assesses learning outcomes [1] – [5]
During the term, students will write a report of approximately 1000 words.
[3] 90 min examination in May/June (60%) which assesses learning outcomes [1] – [5]
[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.In addition, students may find the following texts helpful:
Jones, Charles I. Macroeconomics, 2nd ed.
Burda and Wyplosz, 6th ed. Macroeconomics
Gottfries, 2013, Macroeconomics
Dixit, Skeath and Reiley, 2015, Games of Strategy
