Economic Principles

Module description

This module provides an introduction to economics and introduces 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 2 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 1 and Term 2).

Full module specification

Module aims

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)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

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

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

• CORE’s  Economy, Society, and Public Policy, available (for free) at: https://www.core-econ.org/espp/
• CORE’s  The Economy, available (for free) at: https://www.core-econ.org/
• Doing Economics, available (for free) at: https://www.core-econ.org/doing-economics/index.html 

Module has an active ELE page?

Yes

Indicative learning resources - Web based and electronic resources

See ELE page for more details

Origin date

01/09/2012

Last revision date

10/03/2023