EC106: Introduction to Economics

Subhasish Dey
Module Leader
Farzad Javidanrad
Module Lecturer

30 CATS - Department of Economics

Principal Aims

This module provides students who have a mathematical background with an introduction to both microeconomics and macroeconomics. It is taught using a non-mathematical approach, with the focus on providing an intuitive understanding to core economic theory, which will also include ‘real world’ applications. Graphical analysis will also be used to illustrate key concepts, giving students a different way of examining problems that will complement the mathematics skills learnt in other modules.

Principal Learning Outcomes

Demonstrate knowledge of economic behaviours, outcomes, trends, developments, phenomena, institutions and policies

Demonstrate the capacity for abstract reasoning and to simplify economic problems through the application of theoretical models

Demonstrate an understanding of key concepts, principles, theories and models in Economics

Demonstrate the capacity to interpret economic data and to use data to inform the selection and application of appropriate economic tools of analysis

Demonstrate the capacity to comment and facilitate in formulating economic policy

Syllabus

Term 1: microeconomics, which is concerned with the economic behaviour of individual consumers and producing firms, and their interaction in markets for goods, services and factors of production, strategic interaction and the analysis of externalities and public goods. The module will typically consider some of the following topics:

What is Economics; Demand and Supply; Consumer Choice; Uncertainty; Information; Production; Costs; The Market Mechanism; Perfect Competition; Imperfect Competition, including Monopoly, Monopolistic Competition and Oligopoly; Game Theory; Market Failure, including Externalities and Public Goods

Term 2: macroeconomics, which is concerned with aggregate economic variables or the workings of the national economy as a whole: aggregate output (Gross Domestic Product or GDP), employment and unemployment, inflation, interest rates, the balance of payments, exchange rates, etc., and with government economic policies to influence these variables.

Introduction to Macroeconomics; Economic Growth; National Accounts, Alternative Measurements; The Distribution of Income; Aggregate Demand and Aggregate Supply; Equilibrium National Income; Inflation; Unemployment; The Phillips Curve; The Money Market; Interest Rates; The Financial System; ISLM analysis; The Great Depression; Economic and Financial Crises; The 3-Equation Model; Macroeconomic Policy; Technological Change; Models of Capital Accumulation; The Open Economy

Context

Core Module: G300 - Year 1, Y602 - Year 1
Optional Module: G100 - Year 1, G103 - Year 1
Pre or Co-requisites: A-level Mathematics or the equivalent
Pre-requisite for: EC204-30, EC220-12, EC221-12, EC220-15, EC221-15

Assessment

Assessment Method: Coursework (20%) + 2 hour exam (summer) (80%)
Coursework Details: Test 1 (10%) - Eligible for self-certification: No, Test 2 (10%) - Eligible for self-certification: No, 2 hour exam (summer) (80%) - Eligible for self-certification: No CATS:
Exam Timing: N/A