EC107: Economics 1

Alexander Karalis Isaac
Module Leader
Amira Elasra
Module Lecturer

30 CATS - Department of Economics

Summer Module

Spring Module

Autumn Module

Principal Aims

This module allows students to develop an understanding of fundamental and intermediate concepts in micro and macroeconomic analysis by equipping them with a range of appropriate analytical skills, including descriptive, graphical and mathematical methods. This allows students to develop the capacity to apply analytical techniques to real world problems.

Principal Learning Outcomes

Subject Knowledge and Understanding:... demonstrate knowledge of economic behaviours, outcomes, trends, developments, phenomena, institutions and policies.

Subject Knowledge and Understanding:...demonstrate an understanding of key concepts, principles, theories and models in Economics.

Subject Specific/Professional Skills:...demonstrate the capacity for abstract reasoning and to simplify economic problems through the application of theoretical models.

Subject Specific/Professional Skills:...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, L1L8 - Year 1, R9L1 - Year 1, R2L5 - Year 1, R3L4 - Year 1, R4L1 - Year 1, R1L4 - Year 1, R2L4 - Year 1, R4LA - Year 1, R1L5 - Year 1, L1CA - 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 and EC238/EC239.

Assessment

Assessment Method: Coursework (30%) + in-person Examination (70%)
Coursework Details: Assessment 1: Problem set (group work) Micro (5%) , Assessment 2: MCQ Test (10%) , Assessment 3: Problem set (group work) Macro (5%) , Assessment 4: MCQ Test (10%) , in-person Examination (70%)
Exam Timing: Summer

Exam Rubric

Time allowed: 3 hours

Read all instructions carefully - and read through the entire paper at least once before you start entering your answers.

There are THREE sections in this paper. Answer ALL questions in Section A (40 marks in total), TWO questions in Section B (30 marks in total) and TWO questions in Section C (30 marks in total).

Answer each whole question in a separate booklet.

Approved scientific (non-graphical) pocket calculators are allowed.

You should not submit answers to more than the required number of questions. If you do, we will mark the questions in the order that they appear, up to the required number of questions in each section.

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.