Introduction to Economics
Module Code: EC1010
Module Name: Introduction to Economics
- ECTS Weighting: 10
- Semester/Term Taught: Michaelmas + Hilary Terms
- Contact Hours: 44 hours of lectures and 20 hours of tutorials
- Module Personnel: Lecturers: Professor Tara Mitchell (MT) / Professor Fadi Hassan (HT)
Module Learning Aims
This module provides students with a broad introduction to, and overview of, introductory economics, covering both microeconomics and macroeconomics. As such, this module is the core building block for degree programmes incorporating economics, such as BESS (TR081), TSM Economics and PPES
The module focuses on the principles of economics, and provides a foundation for the more advanced modules in economics available in later years. The module does not assume any previous knowledge of economics and has no pre-requisites.
The first part of the module covers microeconomics, which is concerned with the allocation of scarce resources between competing uses at the disaggregated level of individuals, households and firms. The central issue concerns the respective roles of the price mechanism and of the government in resource allocation.
Topics discussed during Michaelmas Term include:
- Technology and Growth
- Individual Decision Making
- Social Interactions: Game Theory
- Property and Power
- The Firm
- Supply and Demand
- Markets, Efficiency and Public Policy
The second part of the module covers macroeconomics, which is concerned with economy-wide aggregates such as the overall scale of economic activity, the rate of inflation, the levels of employment and unemployment and the exchange rate. The central issue concerns the role of the government in tackling macroeconomic challenges such as reducing unemployment, promoting growth and maintaining price stability
Topics discussed during Hilary Term include:
- Saving and Investment
- Money and Banking
- International Economics
- Aggregate Demand and Supply
- Monetary and Fiscal Policy
- Financial Crisis
Module Learning Outcomes
Upon successful completion, students will be able to:
- explain and apply basic economic terminology;
- formulate and address economic and public policy issues using the language and approach of economics;
- set up and solve simple economic problems related to the technical topics in this module;
- articulate economic reasoning and results to others.
Recommended Reading List
The Core Project, 2017, The Economy
This is an e-book which is available free of charge online at: http://www.core-econ.org/the-economy/
Mankiw, N.G. and Taylor, M. P., 2014, Macroeconomics (European Edition), Second Edition, Palgrave MacMillan.
There will be a term test in week 8 of Michaelmas term and Hilary term each accounting for 15% of the overall grade. The annual exam accounts for 70% of the overall grade.