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Durham University

Faculty Handbook 2022-2023

Module Description

Please ensure you check the module availability box for each module outline, as not all modules will run each academic year.

Department: Economics and Finance


Type Tied Level 1 Credits 20 Availability Available in 2022/23 Module Cap Location Durham
Tied to L100 Economics
Tied to L106 Economics with Placement Year
Tied to L109 Economics with Study Abroad
Tied to L1R1 Economics with French
Tied to L103 Economics with Management
Tied to L104 Economics with Management with Placement Year
Tied to L105 Economics with Management with Study Abroad
Tied to LL12 Economics and Politics
Tied to LL02 Economics and Politics with Placement Year
Tied to LL01 Economics and Politics with Study Abroad
Tied to VL52 Philosophy, Politics and Economics
Tied to VLL6 Philosophy, Politics and Economics with Placement Year
Tied to VLLA Philosophy, Politics and Economics with Study Abroad
Tied to CFG0 Natural Sciences
Tied to FGC0 Natural Sciences
Tied to FGC1 Natural Sciences with Placement
Tied to CFG1 Natural Sciences with Year Abroad
Tied to CFG2 Natural Sciences with Placement
Tied to LA01 Liberal Arts
Tied to LA02 Liberal Arts (with Year Abroad)
Tied to LMVA Combined Honours in Social Sciences (with Year Abroad)
Tied to LMV0 Combined Honours in Social Sciences


  • A-Level Mathematics minimum grade A or equivalent


  • None

Excluded Combination of Modules

  • None


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


  • 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:
  • By the end of the module students should be able to:
  • explain key theories in microeconomics;
  • explain key theories in macroeconomics;
  • use appropriate techniques for economic 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 two short essays of 1000 words each.
  • Summative assessment is by means of a written examination to test students’ knowledge and understanding of the subject-matter.

Teaching Methods and Learning Hours

Activity Number Frequency Duration Total/Hours
Lectures 44 2 per week 1 hour 44
Seminars 8 1 per fortnight 1 hour 8
Preparation and Reading 148
Total 200

Summative Assessment

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

Formative Assessment:

Two mini essays of 1000 words each

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

If you have a query about a specific module or degree programme, please contact the appropriate department.

If you have a question about Durham's modular degree programmes, please visit our FAQ webpage. If you have a question about modular programmes that is not covered by the FAQ, or a query about the on-line Faculty Handbook, please contact us using the Comments and Questions form below.