INTRODUCTORY ECONOMICS - 2021/2
Module code: ECO1014
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.
GOLSON Eric (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 4
JACs code: L100
Module cap (Maximum number of students): N/A
Overall student workload
Workshop Hours: 11
Independent Learning Hours: 84
Guided Learning: 44
Captured Content: 11
Prerequisites / Co-requisites
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 type||Unit of assessment||Weighting|
|Online Scheduled Summative Class Test||SHORT QUIZ 1||5|
|Online Scheduled Summative Class Test||SHORT QUIZ 2||5|
|Online Scheduled Summative Class Test||SHORT QUIZ 3||5|
|Online Scheduled Summative Class Test||SHORT QUIZ 4||5|
|Online Scheduled Summative Class Test||SHORT QUIZ 5||5|
|Online Scheduled Summative Class Test||SHORT QUIZ 6||5|
|Online Scheduled Summative Class Test||AN ONLINE MIDTERM TEST||20|
|Examination Online||FINAL EXAM CONSISTING OF SHORT AND LONG ANSWER QUESTIONS, COVERING ALL 10 WEEKS OF THE MODULE||50|
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:
- Six weekly short quizzes worth 30% of the final grade, consisting of multiple choice questions.
- A midterm test, consisting of short answer questions, covering the first half of the module, worth 20% of the final grade.
- Final exam, consisting of short and long answer questions, covering the entire module, worth 50% of the final grade.
- The short quizzes 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 short and long answer 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 seminar feedback sessions. For these, students are provided with a set of exercises relating to the lecture material which they solve independently or in teams. In these seminar 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 first weekly quiz and the midterm test, some sample questions are made available for students to familiarise themselves with the setup of these assessments. Feedback will be provided on the individual questions to the extent possible.
- 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.
|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|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
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.
Upon accessing the reading list, please search for the module using the module code: ECO1014
Programmes this module appears in
|Business 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 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|
|Economics and Mathematics 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 2021/2 academic year.