Surrey University Stag

INTRODUCTORY ECONOMICS - 2023/4

Module code: ECO1014

Module Overview

This module introduces students to core elements of economic theory which forms the basis of the Macro and Micro modules in the Semester 2 of first year. Understanding a number of concepts, like specialisation, markets, competition, rational behaviour and the structure of the economy are key learning outcomes from this module and prepare students for further study in Economics and related subjects.

Module provider

Economics

Module Leader

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

Independent Learning Hours: 73

Lecture Hours: 22

Tutorial Hours: 11

Guided Learning: 44

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
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
School-timetabled exam/test MIDTERM TEST 20
Examination FINAL EXAM 50

Alternative Assessment

Not applicable.

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate how to use economic tools and apply them to their understanding of basic economic principles in Micro- and Macroeconomics.

Thus, the summative assessment for this module consists of:


  • Six weekly short quizzes worth 30% of the final grade so that students receive continuous graded feedback about their progress throughout the term.

  • A midterm test worth 20% of the final grade.

  • Final exam covering the entire module worth 50% of the final  grade.



Formative assessment and feedback

Students receive verbal feedback during in person lectures and tutorial sessions. Students are provided with a set of exercises relating to the lecture material which they solve independently or in teams in preparation for the tutorials. In these seminar tutorials, 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. Students also receive correct answers and feedback on weekly quizzes and assessments.

Module aims

  • Introduce students to core elements of economic theory in order to prepare for the material in Principles of Micro I and Macro in Semester 2 of first year.
  • To introduce students to the study of economics at University-level.
  • This includes the use of economic language, diagrams and elementary mathematical models.
  • Students will start to connect empirical evidence to economic theory and link this to real world problems of choice under constraints.

Learning outcomes

Attributes Developed
004 Students will be able to use diagrammatic analysis to explain how markets work. KCP
002 Students will be able to use mathematical models to describe simple economic phenomena. KCT
001 Students will be able to correctly define and use economic terms. KCT
003 Students will be able to understand the relationship between basic economic models and real-world economic problems. KC

Attributes Developed

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:


  • Using recorded lectures to enhance students’ perception of economic problems, how to address them formally, and how to communicate solutions to these problems effectively.

  • In person lectures, students will apply economic theory to real world problems

  • Tutorials are designed to help  students analyze economic issues in scenario-based problems.



The learning and teaching methods include:


  • 1 hour of content theory lecture per week x 11 weeks

  • 1 hour of applied lecture per week x 11 weeks

  • 1 hour tutorial per week x 10 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

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECO1014

Other information

The School of Economics is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability, and Resourcefulness and Resilience. This module is designed to allow students to develop knowledge, skills, and capabilities particularly in the following areas:

Resourcefulness and resilience:

Students in this module will develop their understanding and skills through continuous assessment and feedback in tutorials. Tutorial feedback sessions are designed to get you provide you with the opportunity to ask question and understand the topics better. The midterm and final assessments feature real world problem-based questions which students will answer. 

Global capabilities:

Real life examples will be utilized in this module which will build students global capabilities. Students will have to work together in tutorials to develop skills which allow them to effectively collaborate with individuals from around the world.

Sustainability:

Real life examples will be utilized in this module which will build students views towards a sustainable society, including weekly topics which blend together theoretical ideas and real world examples of the difficulties in achieving a sustainable world.

Employability:

Students are equipped with theoretical and partical problem-solving skills, and transferable mathematical and theoretical knowledge that will allow them to analyze in theory and in practice data driven financial and economic applications. All of this is highly valuable to employers for different roles: e.g. economist, financial traders and investment analysts.   

Programmes this module appears in

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

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 2023/4 academic year.