Module

Economics I

Module description

This module provides the introduction to economics for undergraduates in the Department of Economics. It introduces the 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 module 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.

Full module specification

Module title:Economics I
Module code:BEE1036
Module level:1
Academic year:2020/1
Module lecturers:
  • Dr Graeme Pearce - Convenor
  • Professor Brit Grosskopf - Convenor
Module credit:15
ECTS value:

7.5

Pre-requisites:
Co-requisites:

BEE1024.

Cannot be taken with BEE1029 or BEE1034

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

12

Module aims

This module 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. outline and apply the main topics in introductory economic theory
  • 2. explain any basic problem in economics using diagrams and to some extent basic algebra

ILO: Discipline-specific skills

  • 3. identify, present and explain standard theoretical economic models and apply them to analyses of economic questions and policy issues
  • 4. develop skills to undertake further economics, as this module is one of the building blocks to understand the subject

ILO: Personal and key skills

  • 5. communicate concepts/definitions/arguments
  • 6. prepare for and meet strict deadlines
  • 7. be comfortable to work in a group setting, contribute ideas, and plan own and others workloads

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

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
321180

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Scheduled learning and teaching activities22Lectures cover all ILOs
Scheduled learning and teaching activities10Tutorials are classes that solve practical exercises and include more in depth discussion
Guided independent study40Preparation for Lectures and revision
Guided independent study10Homework tasks
Guided independent study20Assignments preparation
Guided independent Study48Exam preparation and revisions

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Tutorial QuestionsIn class1-6In-class feedback

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
10000

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Individual Assignment402000 words1-6Online feedback – pass/fail assessment
Weekly quizzes2030 minutes per week1-6Online feedback – pass/fail assessment
Group Assignment and Presentation402000 words – 5 minute pre-recorded group presentation1-7Online feedback – pass/fail assessment
0

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

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Weekly quizzesMCQ exam - 1 hour1-6August/September reassessment period
Individual Assignment2000 word individual essay1-6August/September reassessment period
Group Assignment and PresentationPre-recorded individual presentation and reflection on group dynamics, 5 minutes1-7August/September reassessment period

Syllabus plan

  • The Capitalist revolution
  • Technological change, population and growth
  • Scarcity, work and choice
  • Social interactions
  • Property and power: Mutual gains and conflict
  • The firm: Owners, managers and employees
  • The firm and its customers
  • Supply and demand: Price-taking and competitive markets
  • Banks, money and the credit market
  • Capstone: economic inequality

Indicative learning resources - Basic reading

Basic reading:

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 

ELE – College to provide hyperlink to appropriate pages

Module has an active ELE page?

Yes

Origin date

11/03/2019

Last revision date

10/08/2020