Programme Specifications

N/A

Economics

October 2023

By the end of their programme, all students are expected to be able to demonstrate:

• A1 A thorough understanding of basic economic theories and models covering microeconomic issues of decision and choice, the production and exchange of goods, the pricing and use of inputs, the interdependency of markets, the relationships between principals and agents, and economic welfare; as well as the macroeconomic issues of employment, national income, the balance of payments, the distribution of income, inflation, growth and business cycles, money and finance.

• A2 Appreciation of relevant mathematical and statistical techniques.

• A3 Appreciation of the history and development of economic ideas and the differing methods of analysis that have been and are used by economists.

• A3 Ability to apply core economic theory and reasoning to a variety of applied topics. Understanding and awareness of how basic economic theory can be used to design, guide and interpret commercial, economic, social and environmental, policy.

• A4 Ability to discuss, analyse and evaluate government policy and to assess the performance of the UK and other economies and of the global economy.

• A5 Understanding of verbal, graphical, mathematical and econometric representation of economic ideas and analysis, including the relationship between them.

• A6 Ability to interpret the relevant statistical data.

• A7 Knowledge and appreciation of the nature, sources and uses of economic data, both quantitative and qualitative.

Students should also be able to demonstrate mastery of the following key concepts:

• Opportunity cost - a problem solver or decision-maker must routinely ask 'what would have to be given up if...', where the answer does not always involve a simply calculated financial cost. It is often the case that actions are proposed that fail to recognise forgone alternatives. Opportunity cost allows the economist to think about the costs in terms of all resources. There are many examples of economic policies which enhance efficiency yet reduce equity and vice-versa, or where gains in one time period involve costs in other time periods. All of these examples encourage an appreciation of inevitable trade-offs.

• Incentives - economists are trained to recognise and evaluate the incentives implied by particular rules, and how to establish sets of rules that actually lead people to react in ways that give rise to some intended outcome. The ability to think logically about these issues is essential in the effective design of both policy and strategy

• Equilibrium, disequilibrium and stability - these are concepts that economists make heavy use of and the typical graduate will have seen these deployed in economic argument with great regularity. The concept of equilibrium is a state where no participant has any incentive to change behaviour. The ability to recognise disequilibria and appreciate their stability properties, and to think coherently about reactions to this, are essential ingredients of good decision-making

• Strategic thinking - economists learn the importance of strategic thinking, and the roles of opportunities, strategies, outcomes, information and motivation in the analysis of strategic actions, including conflict, bargaining and negotiation

• Expectations and unanticipated events - economists learn that behaviour partly depends on experience and partly on peoples' perceptions of what is expected to happen. Thus behaviour may change when unanticipated events occur. Effective decision-making requires the skill of reacting in a context where people's behaviour is based on expectations that may be confounded by subsequent surprises. Students in economics will have been exposed to these issues and this will enhance their potential effectiveness as decision-makers

• The relevance of marginal considerations - economists are trained to recognise that important decisions often relate to small variations in key variables and parameters. An action is worth undertaking if the additional benefit that accrues is greater than the additional cost incurred. The typical student in economics will be fully aware of the importance of the margin relative to the average

• The possible gains from voluntary exchange - economists study and measure the net gains that people, institutions and countries can obtain from economic interaction in the form of specialisation, employment, exchange and trade. The identification and measurement of gains relative to costs and the barriers to maximising net gains are important in devising appropriate policies to optimise the use of scarce resources with respect to various individual, institutional, political, social and environmental objectives

• Systems and dynamics - many economic decisions or events can start a complex chain of events. Economists gain an understanding of the interrelationships between economic phenomena and how effects can accumulate or die away. The ability to see beyond the direct or short-term effects is a crucial insight that economists can bring to analysing the effects of both deliberate decisions and external shocks.

Learning and Teaching

Lectures, tutorials, seminars and problem based scenarios, group work, presentations. Dissemination of individual module outlines complete with reading lists, assessment methods and assignment instructions.

Contact with module co-ordinators and lecturers. Feedback on assignments. University e-learning facility (Blackboard).

Assessment Strategies and Methods

• Coursework - planning, preparatory research, writing and feedback.

• Examination - unseen.

• Project work - case studies, presentations and group work.

By the end of their programme, all students are expected to be able to demonstrate:

• A1 A thorough understanding of basic economic theories and models covering microeconomic issues of decision and choice, the production and exchange of goods, the pricing and use of inputs, the interdependency of markets, the relationships between principals and agents, and economic welfare; as well as the macroeconomic issues of employment, national income, the balance of payments, the distribution of income, inflation, growth and business cycles, money and finance.

• A2 Appreciation of relevant mathematical and statistical techniques.

• A3 Appreciation of the history and development of economic ideas and the differing methods of analysis that have been and are used by economists.

• A3 Ability to apply core economic theory and reasoning to a variety of applied topics. Understanding and awareness of how basic economic theory can be used to design, guide and interpret commercial, economic, social and environmental, policy.

• A4 Ability to discuss, analyse and evaluate government policy and to assess the performance of the UK and other economies and of the global economy.

• A5 Understanding of verbal, graphical, mathematical and econometric representation of economic ideas and analysis, including the relationship between them.

• A6 Ability to interpret the relevant statistical data.

• A7 Knowledge and appreciation of the nature, sources and uses of economic data, both quantitative and qualitative.

Students should also be able to demonstrate mastery of the following key concepts:

• Opportunity cost - a problem solver or decision-maker must routinely ask 'what would have to be given up if...', where the answer does not always involve a simply calculated financial cost. It is often the case that actions are proposed that fail to recognise forgone alternatives. Opportunity cost allows the economist to think about the costs in terms of all resources. There are many examples of economic policies which enhance efficiency yet reduce equity and vice-versa, or where gains in one time period involve costs in other time periods. All of these examples encourage an appreciation of inevitable trade-offs.

• Incentives - economists are trained to recognise and evaluate the incentives implied by particular rules, and how to establish sets of rules that actually lead people to react in ways that give rise to some intended outcome. The ability to think logically about these issues is essential in the effective design of both policy and strategy

• Equilibrium, disequilibrium and stability - these are concepts that economists make heavy use of and the typical graduate will have seen these deployed in economic argument with great regularity. The concept of equilibrium is a state where no participant has any incentive to change behaviour. The ability to recognise disequilibria and appreciate their stability properties, and to think coherently about reactions to this, are essential ingredients of good decision-making

• Strategic thinking - economists learn the importance of strategic thinking, and the roles of opportunities, strategies, outcomes, information and motivation in the analysis of strategic actions, including conflict, bargaining and negotiation

• Expectations and unanticipated events - economists learn that behaviour partly depends on experience and partly on peoples' perceptions of what is expected to happen. Thus behaviour may change when unanticipated events occur. Effective decision-making requires the skill of reacting in a context where people's behaviour is based on expectations that may be confounded by subsequent surprises. Students in economics will have been exposed to these issues and this will enhance their potential effectiveness as decision-makers

• The relevance of marginal considerations - economists are trained to recognise that important decisions often relate to small variations in key variables and parameters. An action is worth undertaking if the additional benefit that accrues is greater than the additional cost incurred. The typical student in economics will be fully aware of the importance of the margin relative to the average

• The possible gains from voluntary exchange - economists study and measure the net gains that people, institutions and countries can obtain from economic interaction in the form of specialisation, employment, exchange and trade. The identification and measurement of gains relative to costs and the barriers to maximising net gains are important in devising appropriate policies to optimise the use of scarce resources with respect to various individual, institutional, political, social and environmental objectives

• Systems and dynamics - many economic decisions or events can start a complex chain of events. Economists gain an understanding of the interrelationships between economic phenomena and how effects can accumulate or die away. The ability to see beyond the direct or short-term effects is a crucial insight that economists can bring to analysing the effects of both deliberate decisions and external shocks.

Learning and Teaching

Lectures, tutorials, seminars and problem based scenarios, group work, presentations. Dissemination of individual module outlines complete with reading lists, assessment methods and assignment instructions.

Contact with module co-ordinators and lecturers. Feedback on assignments. University e-learning facility (Blackboard).

Assessment Strategies and Methods

• Coursework - planning, preparatory research, writing and feedback.

• Examination - unseen.

• Project work - case studies, presentations and group work.

10.2.1 Cognitive and Intellectual Skills

By the end of their programme, all students are expected to be able to demonstrate:

• B1 Cognitive skills of critical thinking, analysis and synthesis. This includes the capability to identify assumptions, evaluate statements in terms of evidence, to detect false logic or reasoning, to define terms adequately and to generalise appropriately.

• B2 Effective problem solving and decision making.

• B3 Using appropriate qualitative and quantitative skills, including data analysis, interpretation and extrapolation and use of models/frameworks of business problems and phenomena.

• B4 Identifying, formulating and solving business problems, demonstrating the ability to create, evaluate and assess a range of options together with the capacity to apply ideas and knowledge to a range of situations.

Learning and Teaching

Lectures, tutorials, seminars and problem based scenarios, group work, presentations and computer practicals. Dissemination of individual module outlines complete with reading lists, assessment methods and assignment instructions.

Contact with module co-ordinators and lecturers. Feedback on assignments. University e-learning facility (Blackboard).

Assessment Strategies and Methods

• Coursework - planning, preparatory research, writing and feedback.

• Examination - unseen.

• Project work - case studies, presentations and group work

10.2.2 Professional practical skills / Discipline Specific Skills

By the end of their programme, all students are expected to be able to demonstrate:

• C1 Knowledge and understanding of the workings of economic systems

• C2 An ability to develop simplifying frameworks for studying the real world and identify appropriate levels of abstraction in order to study a range of economic issues.

• C3 An ability to interpret real world economic events and critically assess a range of types of evidence.

• C4 An appreciation of the economic dimension of business decisions and wider social, political and environmental issues. An ability to apply analytical skills to problems and policy issues in business and management, finance, marketing and human resource management.

Learning and Teaching

Lectures, tutorials, seminars and problem based scenarios, group work, presentations. Dissemination of individual module outlines complete with reading lists, assessment methods and assignment instructions.

Contact with module co-ordinators and lecturers. Feedback on assignments. University e-learning facility (Blackboard).

Assessment Strategies and Methods

Coursework - planning, preparatory research, writing and feedback.

Examination - unseen.

Project work - case studies, presentations and group work

Having completed an undergraduate study in Economics the typical student acquires a facility with key skills applicable to most of the decision problems that they are likely to face subsequently in their careers. This transferability is evidenced by the wide range of careers into which graduates in economics move. The development of these skills is particularly emphasised in the course of an undergraduate degree.

By the end of their programme, all students are expected to be able to demonstrate:

• D1 Problem solving skills

• D2 Research skills

• D3 Communication skills

• D4 Improving own learning and performance

• D5 Team work skills

• D6 Information technology skills

• D7 Analytical skills

• D8 Personal development and career planning

Learning and Teaching

Lectures, tutorials, seminars and problem based scenarios, group work, presentations. Dissemination of individual module outlines complete with reading lists, assessment methods and assignment instructions.

Contact with module co-ordinators and lecturers. Feedback on assignments. University e-learning facility (Blackboard).

Assessment Strategies and Methods

• Coursework - planning, preparatory research, writing and feedback.

• Examination - unseen.

• Project work - case studies, presentations and group work