Skip to main content


Economic Principles

Module description

This module introduces Economics and explores the main characteristics of economies using historical and cross-country comparisons across the major dimensions of economic performance (growth, inequality, stability).  By taking the main economic actors and showing how they make decisions, the course covers behaviour in goods, labour and credit markets, highlighting the role of the rules of the game (institutions), and showing the sources of market successes and market failures. Behaviour of households and firms is analysed in the economy as a whole, along with that of fiscal and monetary policy makers.

The module consists of two semesters of teaching, each covering core theory and applications from the main course resources: CORE’s The Economy, Society and Public Policy (term 1), CORE’s The Economy (Term 2) and CORE’s Doing Economics (Term 2).

Full module specification

Module title:Economic Principles
Module code:BEE1029
Module level:1
Academic year:2023/4
Module lecturers:
  • Dr Eleonora Guarnieri - Lecturer
  • Dr Rubens Morita - Lecturer
  • Dr Debbie Du Preez - Lecturer
  • Dr Lisha Agarwal - Lecturer
Module credit:30
ECTS value:





Non-requisites (cannot be taken with): BEE1034 or BEE1036 or BEE1037 

Duration of module: Duration (weeks) - term 1:


Duration (weeks) - term 2:


Duration (weeks) - term 3:


Module aims

This course aims to provide students with a basic understanding of Economics, and to apply this way of thinking to real world problems. It aims to help students understand the world around them, become more astute participants in the Economy and Society and help them understand Economic Policy so that they can better judge the decisions affecting the allocation of their society’s resources.

ILO: Module-specific skills

  • 1. Comprehend the roles of key elements of a modern economy: firms, workers, consumers, markets, technology and financial institutions
  • 2. Discuss and articulate reasoned views on some of the most pressing policy problems facing our societies: inequality, financial instability, the future of work, environmental degradation, wealth creation, and innovation
  • 3. Learn how to interpret and use data to measure the economy and society
  • 4. Critically evaluate a variety of economic and social policies

ILO: Discipline-specific skills

  • 5. Identify, present and explain standard theoretical economic models and apply them to analyse economic questions and policy issues

ILO: Personal and key skills

  • 6. Judge and assess policy issues related to market economies
  • 7. Develop the capacity for analytical thought and reasoned discussion
  • 8. Develop independent study skills
  • 9. Prepare and organise work individually and in groups using a range of available technologies
  • 10. Work positively and collaboratively in groups, managing any conflict arising

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Scheduled learning and teaching activity44Lectures cover all ILOs
Scheduled learning and teaching activity13Tutorials are classes that solve practical exercises
Guided independent study102Preparation for lectures and revision of materials prior to classes and tutorial sessions
Guided independent study25Homework tasks
Guided independent study20Assignments preparation
Guided independent study 96Mid-term and exam preparation and revision

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Tutorial QuestionsIn class1-8In-class feedback

Summative assessment (% of credit)

CourseworkWritten examsPractical exams

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Average of homework tasks (term 1)1015 minutes 1-8 ELE
Average of homework tasks (term 2)1015 minutes 1-8 ELE
Group work (term 2)171 group Excel file; 1 group report up to 3000 words; 1 independent learning journal (per group member) up to 500 words2-4, 6-10 Final grade and online feedback
Midterm exam (term 1)1790 minutes 1-8 Final grade; exam feedback will be posted
Final exam (term 1)2390 minutes 1-8 Final grade; exam feedback will be posted
Final exam (term 2)2390 minutes 1-8 Final grade; exam feedback will be posted

Details of re-assessment (where required by referral or deferral)

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Average of homework tasks (10%) – term 1One online homework task covering term 1 content (10%) 1-8 August/September reassessment period
Average of homework tasks (10%) – term 2One online homework task covering term 2 content (10%) 1-8 August/September reassessment period
Group work (17%) – term 2Individual assignment with commentary ( 2000 words) (17%) 2-4, 6-10 August/September reassessment period
Mid-term exam (17%) – term 1Mid-term exam (17%)1-8 August/September reassessment period
Final exam (23%) – term 1Final exam (23%) 1-8 August/September reassessment period
Final exam (23%) – term 2Final exam (23%) 1-8 August/September reassessment period

Syllabus plan

Term 1: Core’s Economy, Society and Public Policy (Units 1-12):

  • Capitalism: Affluence, inequality, and the environment.
  • Social interactions and economic outcomes
  • Public policy for fairness and efficiency.
  • Work, wellbeing, and scarcity.
  • Institutions, power, and inequality
  • The firm: Employees, managers, and owners
  • Firms and markets for goods and services
  • The labour market: Wages, profits, and unemployment
  • The credit market: Borrowers, lenders, and the rate of interest
  • Banks, money, housing, and financial assets
  • Market failures and government policy
  • Governments and Markets in a democratic society


Term 2: Core’s The Economy (Units 13-17)

  • Economic fluctuations and unemployment
  • Unemployment and fiscal policy
  • Inflation, unemployment, and monetary policy
  • Technological progress, employment, and living standards in the long run
  • Capstone: The Great Depression, golden age, and global financial crisis

Indicative learning resources - Basic reading

Module has an active ELE page?


Indicative learning resources - Web based and electronic resources

See ELE page for more details

Indicative learning resources - Other resources


Origin date


Last revision date