Module Information
Course Delivery
Assessment
Due to Covid-19 students should refer to the module Blackboard pages for assessment details
| Assessment Type | Assessment length / details | Proportion |
|---|---|---|
| Semester Assessment | Class test (1 hour) | 20% |
| Semester Assessment | Written essay (1,500 words) | 20% |
| Semester Exam | 2 Hours | 60% |
| Supplementary Assessment | Class test (1 hour) | 20% |
| Supplementary Assessment | Written essay (1,500 words) | 20% |
| Supplementary Exam | 2 Hours | 60% |
Learning Outcomes
On successful completion of this module students should be able to:
Describe optimizing behaviour by households and firms, and explain how markets coordinate economic activity and produce equilibrium prices and quantities.
Assess the mutual benefit from trade between individuals and between countries.
Discuss the effects of alternative market structures and evaluate market outcomes for policy purposes.
Analyse the composition of the main macroeconomic aggregates, how they are measured and appreciate the various determinants of economic activity.
5. Relate the impact of changes in macroeconomic activity on the business sector.
Brief description
This module introduces the theoretical foundations of microeconomics and macroeconomics, the two main pillars of economics. Microeconomics involves the study of the individual components of the economy: individuals, families, firms, and their interactions. Macroeconomics involves the study of the behaviour of economic aggregates: consumption, expenditure, investment expenditure, gross domestic product, inflation and unemployment.
Content
• Demand and supply, elasticity
• Markets in action
• Government intervention in markets
• The Tax System
• Measuring efficiency and equity
• Trade and Comparative Advantage
• Households’ choices, and consumer behaviour
• Short-run and long-run production and costs
• Perfect competition and monopoly
• The national economy, and measuring economic activity
• The determinants of macroeconomic activity
• Inflation, deflation and unemployment
• Aggregate demand and aggregate supply
• The long-run versus the short-run macroeconomic equilibrium
Module Skills
| Skills Type | Skills details |
|---|---|
| Application of Number | Use mathematical reasoning and analysis to handle quantitative relationships and apply formulae underlying problems of consumer choice, cost analysis, elementary game theory, inflation-unemployment trade-offs, monetary and fiscal policies. |
| Communication | Develop written communication skills when submitting written coursework and in examinations. Listen effectively in lectures and participate in tutorial classes in preparation for assessments. |
| 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 spreadsheet software to complete elements of tutorial questions; use e-mail and Blackboard for coursework submission and keeping in touch with the module. |
| Personal Development and Career planning | Acquire critical self-reflection capacity to develop knowledge and communication skills relevant to career planning. |
| Problem solving | Improve analytical skills to select and apply appropriate methods for solving set problems in tutorial classes and some lectures. |
| Research skills | Develop library and other basic information accessing and researching skills, for use in writing coursework and for preparation for assessments. |
| Subject Specific Skills | Develop knowledge and understanding of economics, including standard approaches to consumer decision-making, production theory, and firm strategies in different market contexts; and how an overall economy works in practice. |
| Team work | Team working skills through self-study working groups. |
Notes
This module is at CQFW Level 4