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Unit information: Economic Principles in 2019/20

Please note: Due to alternative arrangements for teaching and assessment in place from 18 March 2020 to mitigate against the restrictions in place due to COVID-19, information shown for 2019/20 may not always be accurate.

Please note: you are viewing unit and programme information for a past academic year. Please see the current academic year for up to date information.

Unit name Economic Principles
Unit code EFIM10010
Credit points 20
Level of study C/4
Teaching block(s) Teaching Block 1 (weeks 1 - 12)
Unit director Dr. Chondrogianni
Open unit status Not open

A-level Mathematics (or equivalent)



School/department School of Economics
Faculty Faculty of Social Sciences and Law


This unit aims to equip students with the basic understanding of the core of economic theory, concepts and models, with applications, where appropriate, to accounting, business and finance.

On the microeconomic side, the unit covers topics such as: demand, supply, elasticity, competition, game theory, risk, externalities, welfare etc.

On the macroeconomic side, the unit covers GDP, CPI, aggregate demand and aggregate supply, monetary and fiscal policy etc.

Intended learning outcomes

Students will be able to:

1. Make appropriate use of core microeconomic concepts such as opportunity cost; elasticities; and marginal/average relationships in analysing economic behaviour.

2. Explain the role and limits of markets and the public sector in the organisation of economic activity, showing an awareness of the relevance of imperfect competition, strategic behaviour, informational constraints, regulation and externalities in economic activity.

3. Analyse the behaviour of firms in a variety of forms of industrial organisation.

4. Explain the contributions that economic analysis can make to addressing some problems of current concern such as pollution and unemployment.

5. Explain important macroeconomic concepts such as Gross Domestic Product, money supply, inflation, natural rate of unemployment, aggregate supply and exchange rates.

6. Analyse the behaviour of major macroeconomic variables such as aggregate output and the interest rate using models of aggregate economic behaviour.

7. Recognise some of the causes of aggregate economic fluctuations using simple models.

8. Appraise the scope and limitations of both fiscal and monetary policy.

Teaching details

36 hours of lectures

9 hours of classes

Assessment Details

Summative Assessment:

2.5 hour examination worth 100% at the end of the relevant teaching block. This tests all the learning outcomes.

Formative Assessment:

Students will complete 4 pieces of formative assessment during the unit each consisting of a combination of short (1000-word) essays and analytical questions. Students will also work in groups to produce a video on an economic topic. All the learning outcomes will be assessed.

Reading and References

There are a number of textbooks that are relevant. Some examples are given below:

Mark P. Taylor and N. Gregory Mankiw (4th edition), Economics

K. Chrystal and Richard Lipsey (13tg edition), Economics

Paul Krugman and Robin Wells (5th edition), Economics

Dean Garratt, John Sloman, and Jon Guest (10th edition), Economics