Module Information

Module Identifier
EC10120
Module Title
Economic Principles and Skills 1
Academic Year
2014/2015
Co-ordinator
Professor Peter Raymond Midmore
Semester
Semester 1
Co-Requisite
MA12610 (unless exempted)
Mutually Exclusive
EC10510
Other Staff
 

Course Delivery

Delivery Type Delivery length / details
Lecture 22 Hours.
Seminars / Tutorials 10 Hours.
 

Assessment

Assessment Type Assessment length / details Proportion
Semester Exam 2 Hours   Unseen written examination  70%
Semester Assessment Assessment 1  10%
Semester Assessment Assessment 2  10%
Semester Assessment Tutorial attendance and completion of prescribed exercises  10%
Supplementary Exam 2 Hours   100%

Learning Outcomes

On successful completion of this module students should be able to:

  • Explain how markets coordinate economic activity and produce equilibrium prices and quantities;

* Assess the mutual benefit from trade between individuals and between countries;

* Describe optimising behaviour by households and firms;

* Discuss the effects of alternative market structures and evaluate market outcomes for policy purposes;

* Identify quantitative relationships and the formulae underlying models;

* Develop the ability to follow logical arguments;

* Have enhanced capacity to recognise and solve problems.

Aims

To introduce students to the principles underlying economics, using illustrations from the study of markets and the macroeconomy.

Brief description

This modules introduces students to the fundamental principles underlying microeconomics and macroeconomics. It provides key analytical concepts and helps to develop the skills, knowledge and understanding required to work in management and business from a specialist perspective, for students taking single, major or joint honours Economics, Business Economics and Business Finance.

Content

  • Introductory Microeconomics
  • What is Economics?
  • Demand and Supply
  • Government Intervention in Markets
  • Measuring the Efficiency of Markets
  • Goods which Impose Costs on Others
  • The Tax System
  • Introductory Macroeconomics
  • Measuring Economic Activity
  • The Determinants of Macroeconomic Acitivity
  • Inflation, Deflation and Unemployment

Module Skills

Skills Type Skills details
Application of Number Use mathematical reasoning and analysis to handle quantitative relationships and apply formulae underlying problems in comparative advantage, elasticity, cost analysis and elementary game theory.
Communication Develop written communication skills when submitting written coursework and in examinations. Listening effectively in lectures and speaking in tutorial classes.
Improving own Learning and Performance Cultivate preferred learning styles through self-management; develop a structured approach to learning through efficient time management.
Information Technology Use word-processing software to prepare written work; use of spreadsheet software to complete elements of tutorial questions; use of presentation software to preparing material for seminar presentations; use of e-mail and Blackboard for coursework submission and keeping in touch with the module.
Personal Development and Career planning Identification of a variety of potential career opportunities in professional economics practice as well as the general business sector; acquisition of critical self- reflection to develop knowledge and communication skills relevant to career planning.
Problem solving Tutorial classes and some lectures require the development of analytical skills to select and apply appropriate methods for solving set problems;.
Research skills Development of library and other basic information accessing and researching skills, for use in writing coursework.
Subject Specific Skills Students should develop their knowledge and understanding of the microeconomics, including standard approaches to consumer decision-making, production theory, and firm strategies in different market contexts.

Reading List


N G Mankiw (2004) Principles of Economics, 3rd edition Thomson Primo search J Sloman (2000) Economics 4th edition Prentice Hall Primo search K E Case, R C Fair, M Gartner and K Heather (1999) Economics 2nd edition Prentice Hall Primo search R Frank and B Bernanke (2004) Principles of Economics 2nd edition McGraw Hill Primo search

Notes

This module is at CQFW Level 4