INTRODUCTORY ECONOMICS - 2018/9

Module code: ECO1014

Module Overview

This module introduces students to core elements of economic theory that will then form the basis of the Macro and Micro modules in the Spring Semester.  A number of concepts, like specialisation, markets, competition, rational behaviour and the structure of the economy play a central role in this module and prepare students for further study in Economics and related subjects. 

Module provider

Economics

Module Leader

GOLSON EB Dr (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 4

JACs code: L100

Module cap (Maximum number of students): N/A

Module Availability

Semester 1

Prerequisites / Co-requisites

None

Module content

Indicative content includes:


The definition of economics and rational behaviour,
Specialisation and opportunity cost
Markets, prices and elasticity,
Government intervention in the price system
The competitive firm,
Measuring economic welfare,
Utility theory
Aggregate Demand in a closed or an open economy,
The IS-LM model of the economy

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test CLASS TEST - 90 MINUTES - MULTIPLE CHOICE QUESTIONS 30
Examination EXAM - 2 HOURS - MULTIPLE CHOICE AND ESSAY QUESTIONS 70

Alternative Assessment

Not applicable.

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate:

Their understanding of basic economic principles in Micro- and Macroeconomics, and how these principles affect and allow to explain important issues such as the allocation of scarce resources, consumption decisions, and the derivation of national income and output.

Thus, the summative assessment for this module consists of:


Class test and a final exam.
The class test (usually held around week 7) consists of multiple choice questions.
Final exam of two hours, which consists of both multiple choice questions covering all 11 weeks and essay questions (part analytical).
The multiple choice test allow students to demonstrate the depth of their understanding of the basic economic principles studied in the module. The questions are designed to ensure that students can demonstrate which principles are truly understood and can be correctly applied.
The essay / analytical questions allow the students to apply their knowledge of the studied principles and models in quantitative and verbal contexts. They require analytical and verbal skills to explain derived results.


Formative assessment and feedback

Students receive verbal feedback during lectures (in which multiple questions and real-world examples of the use of economics are discussed). They also have fortnightly feedback sessions. For these, students are being provided with a set of exercises relating to the lecture material which they solve independently or in teams. In the feedback sessions, they receive feedback on their answers, and guidance on how these answers could be improved. In addition to this, students receive guideline solutions online.Before the coursework test, some sample questions are made available for students to familiarise themselves with the setup of the test. Finally, after the coursework test feedback is provided for all individual questions.

Module aims

  • Introduce students to core elements of economic theory in order to prepare for the material in Micro I and Macro I.
  • To introduce students to the study of economics at a University level.

Learning outcomes

Attributes Developed
1 Explain the nature of economics and rational maximisation KC
2 Explain why specialisation can enhance welfare KCT
3 Explain how markets can help allocate scarce resources KC
4 Explain effects of market interventions KC
5 Explain the features and outcomes of a competitive market KC
6 Describe how economic welfare is measured KC
7 Derive optimal consumption bundles, explain how these are related to prices and incomes, derive and explain how the bundles are affected by changes in exogenous factors KCT
8 Explain basics of income determination at a macroeconomic level, for both closed and open economies KC
9 Explain the effects of the government spending and taxes on national income KC

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Overall student workload

Independent Study Hours: 127

Lecture Hours: 18

Tutorial Hours: 5

Methods of Teaching / Learning

The learning and teaching strategy is designed to:


Enhance students’ perception of Economic problems, how to address them formally, and how to communicate solutions to these problems effectively.
Appreciate the prevalence of Economic problems and decision making in everyday circumstances.


The learning and teaching methods include:


2 hour lectures per week x 11 weeks
1 hour feedback session per week x 5 weeks

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list

Reading list for INTRODUCTORY ECONOMICS : http://aspire.surrey.ac.uk/modules/eco1014

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Business Economics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics and Finance BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics and Mathematics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Financial Mathematics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Politics and Economics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2018/9 academic year.