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Unit information: Economics 2 in 2020/21

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

Description

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

Intended learning outcomes

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.

Teaching details

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 Details

MCQ tests (20%) (Assesses learning outcomes [1]-[4]

2 x online assignments (30%) (Assesses learning outcomes [1]-[5])

Policy report (50%) (Assesses learning outcomes [1]-[5])

Formative Economics project (Assesses all learning outcomes) - A pass mark in the project is required for credit points to be awarded for this unit

Reading and References

- The CORE Team (2017): The Economy – Economics for a changing World

[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

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