Module ECOS1031: INTRODUCTION TO ECONOMICS

Department: ECONOMICS FINANCE AND BUSINESS (BUSINESS FINANCE) [Queen's Campus, Stockton]

ECOS1031: INTRODUCTION TO ECONOMICS

Prerequisites

• None.

Corequisites

• All other compulsory Level 1 modules

Excluded Combination of Modules

• None.

Aims

• To broaden and deepen the understanding of those students who enter with Economics, while providing an intensive introduction for those without economics prior to entry.
• Specifically it is the intention to: analyse the role of prices and markets as allocative devices.
• analyse the role of businesses and consumers in economic affairs.
• examine the role of Governments in economic affairs.

Content

• Economic principles ? methodology and model building.
• demand, supply and price determination.
• equilibrium and disequilibrium.
• Consumer theory: household saving and investment decisions.
• time preference and the demand for money.
• labour supply decisions.
• Producer theory: production decisions.
• cost curves.
• the derived demand for factors.
• Market structures.
• The macroeconomic environment.
• Aggregate demand and supply analysis.
• Determinants of investment.
• the role of money and interest rates.
• the banking system.
• exchange rate regimes and international trade.

Learning Outcomes

• understand the basic principles by which prices are determined and under which markets operate, the key macro-economic variables, and the basic theories relating to their determination.

• have practised problem solving and analytical skills

• Planning, organisation and time management - by preparing work for classes, and by preparing for and undertaking the summative assessment.
• Written communication – by summative assessment.
• Numeracy – by applying core mathematical skills to answer a range of problems.
• Computer Literacy and information retrieval – by accessing, and downloading teaching material from DUO; using e-mail to communicate with lecturers and others on the module; undertaking bibliographical search and information retrieval; and accessing the web-site that accompanies the module core text.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Teaching is by lectures, tutorials and support for student-centred learning. Learning takes place through attendance at lectures, preparation for and participation in tutorial classes and private study (including student-centred learning). In addition there are three IT workshops. Formative assessment is by means of one 1500-word essay and one tutorial presentation. Summative assessment is by means of an unseen written examination of 2 hours and 15 minutes duration to test students’ knowledge and understanding of the subject-matter.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

One 1500-word essay; one tutorial presentation

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University