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Economics 1

Module description

This module provides the introduction to economics for undergraduates. 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 1
Module code:INT1204
Module level:1
Academic year:2022/3
Module lecturers:
  • Dr Olayinka Oyekola - Convenor
Module credit:15
ECTS value:






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


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 using Maths

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

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
Lectures22Lectures cover all ILOs
Tutorials33Tutorials 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 study25Exam preparation and revisions

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Tutorial questionsIn class/homework1-6In-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
Online Quizzes2030 minutes per week, usually 8 quizzes in total1-6Online feedback
Individual Assignment40Report up to 2000 words1-6Online feedback
Final Examination402 Hours1-6Written feedback on formal application

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

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Online QuizzesMCQ Examination (2 hours)1-6Next assessment period
Individual AssignmentIndividual Essay (2000 words)1-6Next assessment period
ExaminationExamination (2 hours)1-6Next assessment period

Re-assessment notes

Deferral– if you miss an assessment for reasons judged legitimate by the Mitigation Committee, the applicable assessment will normally be deferred. See ‘Details of reassessment’ for the form that assessment usually takes. When deferral occurs there is ordinarily no change to the overall weighting of that assessment.  

Referral– if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be required to take a referral exam. Only your performance in this exam will count towards your final module grade. A grade of 40% will be awarded if the examination is passed. 

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 

Module has an active ELE page?


Indicative learning resources - Web based and electronic resources

Web based and electronic resources:  


CORE’s? The Economy, available (for free) at:? 

Doing Economics, available (for free) at: 


Origin date


Last revision date