Economic Principles
| Module title | Economic Principles |
|---|---|
| Module code | BEE1029 |
| Academic year | 2023/4 |
| Credits | 30 |
| Module staff | Dr Eleonora Guarnieri (Lecturer) Dr Rubens Morita (Lecturer) Dr Debbie Du Preez (Lecturer) Dr Lisha Agarwal (Lecturer) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 11 | 0 | 0 |
| Number students taking module (anticipated) | 300 |
|---|
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).
Module aims - intentions of the module
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.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 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
On successfully completing the module you will be able to...
- 5. Identify, present and explain standard theoretical economic models and apply them to analyse economic questions and policy issues
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 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
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
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 57 | 243 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled learning and teaching activity | 44 | Lectures cover all ILOs |
| Scheduled learning and teaching activity | 13 | Tutorials are classes that solve practical exercises |
| Guided independent study | 102 | Preparation for lectures and revision of materials prior to classes and tutorial sessions |
| Guided independent study | 25 | Homework tasks |
| Guided independent study | 20 | Assignments preparation |
| Guided independent study | 96 | Mid-term and exam preparation and revision |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Tutorial Questions | In class | 1-8 | In-class feedback |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 37 | 63 | 0 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Average of homework tasks (term 1) | 10 | 15 minutes | 1-8 | ELE |
| Average of homework tasks (term 2) | 10 | 15 minutes | 1-8 | ELE |
| Group work (term 2) | 17 | 1 group Excel file; 1 group report up to 3000 words; 1 independent learning journal (per group member) up to 500 words | 2-4, 6-10 | Final grade and online feedback |
| Midterm exam (term 1) | 17 | 90 minutes | 1-8 | Final grade; exam feedback will be posted |
| Final exam (term 1) | 23 | 90 minutes | 1-8 | Final grade; exam feedback will be posted |
| Final exam (term 2) | 23 | 90 minutes | 1-8 | Final grade; exam feedback will be posted |
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 |
|---|---|---|---|
| Average of homework tasks (10%) term 1 | One online homework task covering term 1 content (10%) | 1-8 | August/September reassessment period |
| Average of homework tasks (10%) term 2 | One online homework task covering term 2 content (10%) | 1-8 | August/September reassessment period |
| Group work (17%) term 2 | Individual assignment with commentary ( 2000 words) (17%) | 2-4, 6-10 | August/September reassessment period |
| Mid-term exam (17%) term 1 | Mid-term exam (17%) | 1-8 | August/September reassessment period |
| Final exam (23%) term 1 | Final exam (23%) | 1-8 | August/September reassessment period |
| Final exam (23%) term 2 | Final exam (23%) | 1-8 | August/September reassessment period |
Indicative learning resources - Basic reading
- CORE’s Economy, Society, and Public Policy, available (for free) at: https://www.core-econ.org/espp/ (Used in term 1)
- CORE’s The Economy, available (for free) at: https://www.core-econ.org/ (Used in term 2)
- Doing Economics, available (for free) at: https://www.core-econ.org/doing-economics/index.html (Used in term 2)
Indicative learning resources - Web based and electronic resources
See ELE page for more details
Indicative learning resources - Other resources
None
| Credit value | 30 |
|---|---|
| Module ECTS | 15 |
| Module pre-requisites | None |
| Module co-requisites | Non-requisites (cannot be taken with): BEE1034 or BEE1036 or BEE1037 |
| NQF level (module) | 4 |
| Available as distance learning? | No |
| Origin date | 01/09/2012 |
| Last revision date | 26/09/2023 |
