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Unit information: Economics 1 in 2020/21

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Unit name Economics 1
Unit code EFIM10025
Credit points 20
Level of study C/4
Teaching block(s) Teaching Block 1 (weeks 1 - 12)
Unit director Dr. Spielmann
Open unit status Not open




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


This is the first of two introductory economics units. The 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 modern economies. Students will use empirical data, graphical and mathematical models as well as historically and methodologically informed narrative in order to analyse, discuss and communicate relevant economic questions and ideas.

The main aspects to be studied will be:

(i) The behaviour of economic actors in the goods, labour and credit markets

(ii) How institutions and policy shape economic outcomes.

(iii) When markets can successfully organise economic activity and under which circumstances they fail to do so.

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.

[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.

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]-[5]

2 x online assignments (30%) (Assesses learning outcomes [1]-[6])

Policy report (50%) (Assesses learning outcomes [1]-[6])

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:,

[2] printed version by Oxford University Press)

- Further readings consisting of book chapters, policy reports and other notes will be made available to students.