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|
Non-requisites: Cannot be taken with BEE1030, BEE1031 or BEE1034
|Duration of module:||
Duration (weeks) - term 1: |
11Duration (weeks) - term 2:
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 Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Lectures||44||Lectures cover all ILOs|
|Tutorials||10||Tutorials are classes that solve practical exercises|
|Guided Independent Study||80||Preparation for lectures and revision|
|Guided Independent Study||20||Homework tasks|
|Guided independent study||40||Assignments preparation|
|Guided Independent Study||106||Exam preparation and revisions|
|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|
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||8||15 minutes||1-8||ELE|
|Individual Assignment 1 - term 1||0||1 excel or R file||2-4,6-8||Solutions online|
|Individual Assignment 2 - term 1||0||1 excel or R file||2-4,6-8||Solutions online|
|Final Exam - term 1||42||2 hours||1-8||Final grade: Exam solutions will be posted on ELE|
|Average of homework tasks - term 2||8||15 minutes||1-8||ELE|
|Individual Assignment 1 - term 2||0||1 Excel or R file||2-4,6-8||Solutions online|
|Individual Assignment 2 - term 2||0||1 Excel or R file||2-4,6-8||Solutions online|
|Final exam - term 2||42||2 hours||1-8||Final grade; Exam solutions will be posted on ELE|
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 - term 1||Average of homework tasks - term 1 (8%)||1-8||August examination period|
|Individual Assignment 1 - term 1||Individual Assignment 1 - term 1 (0%)||2-4,6-8||August examination period|
|Individual Assignment 2 - term 1||Individual Assignment 2 - term 1 (0%)||2-4,6-8||August examination period|
|Final exam - term 1||Final exam - term 1 (42%)||1-8||August examination period|
|Average of homework tasks - term 2||Average of homework tasks - term 2 (8%)||1-8||August examination period|
|Individual Assignment 1 - term 2||Individual Assignment 1 - term 2 (0%)||2-4,6-8||August examination period|
|Individual Assignment 2 - term 2||Individual Assignment 2 - term 2 (0%)||2-4,6-8||August examination period|
|Final exam - term 2||Final exam - term 2 (42%)||1-8||August examination period|
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?
Indicative learning resources - Web based and electronic resources
See ELE page for more details
Last revision date