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EC107: Economics 1

  • Robin Naylor

    Module Leader
  • Alexander Karalis Isaac

    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

• 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


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


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, R1L4 - Year 1, R2L4 - Year 1, LM1H - 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.
Pre-requisite for
Part-year Availability for Visiting Students
Not available on a part-year basis


Assessment Method
Coursework (30%) + 3 hour examination (Summer) (70%)
Coursework Details
Test 1 (10%), Assignment 2 (10%), Group work assignment (5%), Group work assignment (5%), 3 hour examination (Summer) (70%)
Exam Timing

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 FOUR questions in Section A (40 marks total). You must answer ONE question in Section B, ONE question in Section C and ONE OTHER question which may be from either Section B or Section C (20 marks each).

Approved 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.

Reading Lists