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, 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 title:Economic Principles
Module code:BEE1029
Module level:1
Academic year:2018/9
Module lecturers:
  • Carlos Cortinhas - Convenor
  • Debbie Du Preez - Lecturer
Module credit:30
ECTS value:

15

Pre-requisites:

None

Co-requisites:

None

Non-requisites: Cannot be taken with BEE1030, BEE1031 or BEE1034

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

11

Duration (weeks) - term 2:

11

Module aims

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.

ILO: Module-specific skills

  • 1. Comprehend the roles of key elements of a modern economy: firms, workers, consumers, markets, technology and financial institutions.
  • 2. Understand 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.

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

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
542460

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Lectures44Lectures cover all ILOs
Tutorials10Tutorials are classes that solve practical exercises
Guided Independent Study80Preparation for lectures and revision
Guided Independent Study20Homework tasks
Guided independent study40Assignments preparation
Guided Independent Study 106Exam preparation and revisions

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Tutorial QuestionsIn class1-8In-class feedback

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
16840

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Average of homework tasks - term 1815 minutes1-8ELE
Individual Assignment 1 - term 101 excel or R file 2-4,6-8Solutions online
Individual Assignment 2 - term 101 excel or R file2-4,6-8Solutions online
Final Exam - term 1422 hours1-8Final grade: Exam solutions will be posted on ELE
Average of homework tasks - term 2815 minutes1-8ELE
Individual Assignment 1 - term 201 Excel or R file2-4,6-8Solutions online
Individual Assignment 2 - term 201 Excel or R file2-4,6-8Solutions online
Final exam - term 2422 hours1-8Final grade; Exam solutions will be posted on ELE
0
0

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

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Average of homework tasks - term 1Average of homework tasks - term 1 (8%)1-8August examination period
Individual Assignment 1 - term 1Individual Assignment 1 - term 1 (0%)2-4,6-8August examination period
Individual Assignment 2 - term 1Individual Assignment 2 - term 1 (0%)2-4,6-8August examination period
Final exam - term 1Final exam - term 1 (42%)1-8August examination period
Average of homework tasks - term 2Average of homework tasks - term 2 (8%)1-8August examination period
Individual Assignment 1 - term 2Individual Assignment 1 - term 2 (0%)2-4,6-8August examination period
Individual Assignment 2 - term 2Individual Assignment 2 - term 2 (0%)2-4,6-8August examination period
Final exam - term 2Final exam - term 2 (42%)1-8August examination period

Syllabus plan

Term 1: Core’s Economy, Society and Public Policy (Units 1-10):

  • 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

(Term 1): CORE’s  Economy, Society, and Public Policy, available (for free) at: https://www.core-econ.org/espp/

(Term 2): CORE’s  The Economy, available (for free) at: https://www.core-econ.org/

(Term 1 and Term 2); 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

24/09/2018