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Unit information: Principles of Economics in 2022/23

Unit name Principles of Economics
Unit code EFIM10050
Credit points 20
Level of study C/4
Teaching block(s) Teaching Block 2 (weeks 13 - 24)
Unit director Dr. Badru
Open unit status Not open
Units you must take before you take this one (pre-requisite units)

At least GCSE Mathematics Grade 7 or equivalent.

This unit is NOT available to students taking degrees in the School of Economics, Finance and Management except on programmes where it is a mandatory unit.

Units you must take alongside this one (co-requisite units)


Units you may not take alongside this one


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

Unit Information

This unit provides an introduction to core economic principles and their real-world applications. Students become familiar with the economic way of thinking and learn how to apply economic principles to a variety of real-world problems. The course is particularly suited to students who wish to learn how to systematically observe the world through data, understand the various lenses and approaches through which economists observe and interpret social and economic phenomena, and acquire analytical writing and presentation skills to better communicate economic ideas.

The economic way of thinking is not limited to commercial activity, it applies to all human endeavours. In this class, we will learn about the choices individuals make and the exchanges they partake in as buyers and sellers, members of households and firms, employers and employees, and as landlords and tenants. We will pay attention to the notions of efficiency and inequality, justice and fairness, the role of profits and prices, and to the power relations in market and non-market interactions. This unit highlights the embeddedness of markets in social and political institutions and emphasizes the moral and ethical problems that markets solve or fail to solve. While this unit is mandatory for some students taking degrees in the School of Economics, Finance and Management, it is an excellent choice for non-economic majors.

Your learning on this unit

  1. To understand basic economic concepts and techniques.
  2. To apply these concepts to economic issues.
  3. To familiarise students with the techniques for the analysis of contemporary economic problems, and to develop in them an ability to exercise judgment in evaluating public policy and business decision-making.
  4. To increase student ability to write clearly and think analytically.

How you will learn

Teaching will be delivered through a combination of large and small group classes, supported by online resources

How you will be assessed

MCQ (ILO 1,2,3) 30%

Group Debate/Presentation (30%) (ILO 1, 3)

Written report/Essay (1,200 words) (40%) (ILO 2, 3)


If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.

If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. EFIM10050).

How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours of study to complete. Your total learning time is made up of contact time, directed learning tasks, independent learning and assessment activity.

See the Faculty workload statement relating to this unit for more information.

The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit. The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates within the Regulations and Code of Practice for Taught Programmes.