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EC204: Economics 2

  • Elizabeth Jones

    Module Leader
30 CATS - Department of Economics

Principal Aims

From this module students can develop a deeper understanding of economic concepts introduced in analysis. It will also introduce to new concepts in both micro and macroeconomic analysis and in the analysis of public policy issues such as market failure and counter-inflation policy.

Principal Learning Outcomes

Subject knowledge and understanding:...demonstrate knowledge of macroeconomic policies and understand the role of theory in analysing their effectiveness. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understanding:... abstract and simplify economic problems through the application of theoretical models.

Key Skills:... communicate knowledge and understanding of economics in written, spoken, graphical and in mathematical forms. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Assessed Essays and Seminar discussions. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understanding:...apply rigorous knowledge of theoretical models which underlie economic analysis. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understanding:...understand the uses, applications and limitations of theoretical models. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understanding:...demonstrate knowledge of microeconomic policies. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Cognitive Skills:...analyse competing models and hypotheses in a critical way. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Readings and Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative) Essay (summative), Summer Examination (summative).

Key Skills:...present the output of their own work to an audience. The teaching and learning methods that enable students to achieve this learning outcome are: Seminar discussions and Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)

Key Skills:...conduct individual and collaborative research into an Economic topic, using world wide web and library resources. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, seminar discussions and Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)

Cognitive Skills:...analyse and formulate models for understanding and solving problems. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Assessed Essays and Seminar discussions. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays, Group Projects (formative), Summer Examination.

Subject-Specific/Professional Skills:...select and apply appropriate economic models and techniques to particular problems especially those of a policy nature. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Assessed Essays and Seminar discussions. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject-Specific/Professional Skills:...produce concise and analytical reports relating to economic problems and issues. The teaching and learning methods that enable students to achieve this learning outcome are: Assessed Essays and Seminar presentations. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understanding:...understand key concepts and principles in intermediate microeconomics and macroeconomics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Syllabus

The module will typically cover some of the following topics:

Microeconomics: consumer theory, preferences, indifference curves, budget constraints, optimisation, revealed preference, Hicksian and Slutsky analysis. Choice under uncertainty: expected value and expected utility, insurance, asymmetric information including moral hazard and adverse selection. The analysis of general equilibrium and welfare economics. Consideration of the economics of public policy issues such as externalities and public goods. Game theoretic approaches to oligopoly, entry and other strategic areas in industrial and business economics. Macroeconomics The unemployment-inflation relationship. The effect of monetary policy. Expectations, financial markets and the Macroeconomy. Political business cycles. The Time inconsistency problem. The open economy.

Context

Core Module
V7MR - Year 2, V7ML - Year 2, V7MP - Year 2, LM1D (LLD2) - Year 2, GL11 - Year 2, L1L8 - Year 2, R9L1 - Year 2, R3L4 - Year 2, R4L1 - Year 2, R2L4 - Year 2, R1L4 - Year 2
Optional Module
LA99 - Year 2
Pre or Co-requisites

Any of:

EC106-24 Introduction to Economics OR

EC107-30 Economics 1

OR

EC108-30 Macroeconomics 1 AND

EC109-30 Microeconomics 1

OR

EC131-15 Economics for Business AND

EC229-12 Economics of Strategy

EC229-15 Economics of Strategy AND

IB121-15 Business Statistics AND

IB122-15 Business Analytics

Summary:

Modules: EC106-24 or EC107-30 or (EC108-30 and EC109-30) or (EC131-15 and EC229-12 and EC229-15 and IB121-15 and IB122-15)

Restrictions
May not be combined with modules

Assessment

Assessment Method
Coursework (40%) + Online Examination (60%)
Coursework Details
4 x quizzes (2.5% each) (10%) , Essay 1 (10%) , Essay 2 (10%) , Online Examination (60%) , Participation in and engagement with Support and Feedback classes (10%)
Exam Timing
Summer

Reading Lists