Department: Economics and Finance

ECON1011: PRINCIPLES OF ECONOMICS

Prerequisites

• A-Level Mathematics minimum grade A or equivalent

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

• 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

• 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.

• 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

Summative Assessment

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