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Faculty Handbook

Module Description

Department: Business School (Economics and Finance)

ECON1011: PRINCIPLES OF ECONOMICS

Type Open Level 1 Credits 20 Availability Available in 2015/16 Module Cap Location Durham

Prerequisites

  • AS Level Mathematics minimum grade B

Corequisites

  • None

Excluded Combination of Modules

  • None

Aims

  • To introduce the basic principles of economics
  • To provide a sound foundation for second year core modules in Micro- and Macroeconomics.

Content

  • MICROECONOMICS: The methodology of economics.
  • Demand, supply and the market determination of prices.
  • Consumer spending choices, indifference curves and the budget constraint.
  • Household saving and investment decisions.
  • Labour supply decisions and the choice between work and leisure.
  • Production of goods and services and the theory of the firm.
  • Competition, Monopoly and Oligopoly.
  • Game Theory, factor markets.
  • MACROECONOMICS: Introduction
  • Goods market equilibrium.
  • Money market equilibrium.
  • The IS-LM model.
  • Labour market equilibrium.
  • Aggregate demand and supply
  • Unemployment and inflation 1: the Phillips curve and expectations.
  • Growth theories.

Learning Outcomes

Subject-specific Knowledge:
  • know and understand the basic principles of economics
  • be able to apply an economic framework to the analysis of decision making by producers and/or consumers
  • be able to construct and explain fundamental macro-economic models and interrelationships and how they are affected by change
  • have had exposure to rival schools of thought in the evolution of economics
Subject-specific Skills:
  • Manipulation of microeconomic and macroeconomic analysis
Key Skills:
  • Critical and analytical thinking
  • problem solving
  • written communication
  • own learning
  • working with numbers
  • library skills
  • information retrieval

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

  • Teaching is by lectures and seminars. Learning takes place through attendance at lectures, preparation for and participation in seminar classes, and private study. Seminar questions give students the opportunity to test their understanding of the subject. Formative assessment is by means of fortnightly seminar on-line assessment and two short essays. Summative assessment is by means of a written examination to test students’ knowledge and understanding of the subject-matter.

Teaching Methods and Contact Hours

Activity Number Frequency Duration Total/Hours
Lectures 41 2 per week 1 hour 41
Seminars 8 1 per fortnight 1 hour 8
Preparation and Reading 151
Total 200

Summative Assessment

Component: Examination Component Weighting: 100%
Element Length / duration Element Weighting Resit Opportunity
One written examination 2 hours 30 minutes 100% Same

Formative Assessment:

Two mini essays, fortnightly on-line multiple choice test and seminar questions throughout the Michaelmas and Epiphany Terms.


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



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