Module
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: |
|
| Module credit: | 15 |
| ECTS value: | 7.5 |
| Pre-requisites: | None |
| Co-requisites: | None |
| Duration of module: |
Duration (weeks) - term 1: 11 |
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 Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 55 | 95 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Lectures | 22 | Lectures cover all ILOs |
| Tutorials | 33 | Tutorials are classes that solve practical exercises and include more in depth discussion |
| Guided Independent Study | 40 | Preparation for Lectures and revision |
| Guided Independent Study | 10 | Homework tasks |
| Guided Independent study | 20 | Assignments preparation |
| Guided Independent study | 25 | Exam preparation and revisions |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Tutorial questions | In class/homework | 1-6 | In-class feedback |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 60 | 40 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Online Quizzes | 20 | 30 minutes per week, usually 8 quizzes in total | 1-6 | Online feedback |
| Individual Assignment | 40 | Report up to 2000 words | 1-6 | Online feedback |
| Final Examination | 40 | 2 Hours | 1-6 | Written feedback on formal application |
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Online Quizzes | MCQ Examination (2 hours) | 1-6 | Next assessment period |
| Individual Assignment | Individual Essay (2000 words) | 1-6 | Next assessment period |
| Examination | Examination (2 hours) | 1-6 | Next 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?
Yes
Indicative learning resources - Web based and electronic resources
Web based and electronic resources:
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?
Origin date
04/07/2019
Last revision date
25/07/2022