EC107 Economics 1

Robin Naylor
Module Leader
Alexander Karalis Isaac
Module Lecturer
Amira Elasra
Module Lecturer
Ozge Demirci
Module Lecturer

30 CATS - Department of Economics

Summer Module

Spring Module

Autumn Module

Principal Aims

• To develop in students an understanding of fundamental and intermediate concepts in micro and macroeconomic analysis

• To equip students with a range of appropriate analytical skills, including descriptive, graphical and mathematical methods; and

• To develop the capacity to apply analytical techniques to real world problems and build economic models that enable students to better understand the world around us

Principal Learning Outcomes

• To demonstrate knowledge of economic behaviours, outcomes, trends, developments, phenomena, institutions and policies

• To demonstrate an understanding of key concepts, principles, theories and models in Economics

• To demonstrate the capacity for abstract reasoning and to simplify economic problems through the application of theoretical models

• To demonstrate the capacity to interpret economic data and to use data to inform the selection and application of appropriate economic tools of analysis

Syllabus

Typically, topics covered will include those such as:

Micro (term 1)

• The Capitalist Revolution

• Technology, Population and Growth

• Scarcity, Work and Choice

• Social Interactions

• Property and Power

• The Firm: Owners, managers and employees

• The Firm and its Customers

• Supply and Demand

• Markets, Efficiency and Public Policy

Macro (Term 2)

• Consumption, saving and investment.

• Aggregate demand, the multiplier and the IS curve

• The labour discipline model of equilibrium unemployment

• Wage setting, inflation and the Phillips Curve

• Social Preferences over inflation and unemployment, the central bank

• Monetary policy stabilisation: central bank responses to economic shocks

• Fiscal policy stabilisation

• Economic growth in historical and global perspective

• The Solow model of economic growth

Context

Core Module: LM1D (LLD2) - Year 1, V7ML - Year 1, GL11 - Year 1, GL12 - Year 1, L1L8 - Year 1, R9L1 - Year 1, R3L4 - Year 1, R4L1 - Year 1, R2L4 - Year 1, R1L4 - Year 1
Optional Module: LA99 - Year 1
Pre or Co-requisites: This module is available as an optional module for all students outside the Economics Department (except for WBS students) who have achieved a Grade B or better in Mathematics at A-level, or the equivalent. It is a pre-requisite for EC204: Economics 2.
Pre-requisite for: EC204, EC237
Restrictions: Not available to WBS students or students taking L100 or L116
Part-year Availability for Visiting Students: Not available on a part-year basis

Assessment

Assessment Method: Coursework (20%) + 3 hour exam (80%)
Coursework Details: One 50 minute Test (10%) + 1 Assignment (10%)
Exam Timing: May/June

Exam Rubric

Time Allowed: 3 Hours

Answer ALL FOUR questions in Section A (40 marks). Answer ONE question from Section B, ONE question from Section C, and ONE OTHER question, which may be from EITHER Section B or Section C (20 marks each). Answer Section A questions in one booklet, Section B questions in a separate booklet; and Section C questions in a separate booklet

Approved pocket calculators are allowed.

Read carefully the instructions on the answer book provided and make sure that the particulars required are entered on each answer book. If you answer more questions than are required and do not indicate which answers should be ignored, we will mark the requisite number of answers in the order in which they appear in the answer book(s): answers beyond that number will not be considered.

Previous exam papers can be found in the University’s past papers archive. Please note that previous exam papers may not have operated under the same exam rubric or assessment weightings as those for the current academic year. The content of past papers may also be different.