EC107 Economics 1

Module leader

Robin Naylor

Information on Restrictions and Pre- and co-requisites, Teaching Format, Academic Aims, and Learning Objectives can be found in the module thumbprint.

Context

 

30 CATS. This module forms the core of first-year combined (micro and macro) economic analysis for joint degree students in Economics. The module is not available to students from WBS as these students instead should take the ‘Economics for Business’ module. The module is available to other students from outside the Economics department who have obtained a Grade B or better in Mathematics at A-level or the equivalent.

Teaching format

 

The module consists of two parts, dealing respectively with microeconomics and macroeconomics. There are 40 lectures in total. There are also regular tutorial meetings, termly essays and group project work. Tutorials focus largely upon exercise sheets produced by the lecturers. There is important information on the module website to which there is a link from the University and department home-pages, and via My.Economics.

Assessment methods

3-hour examination in the Summer Term (90%) plus, in Term 2, a 1500 word essay (10%). There is a formative 1500-word essay in Term 1: this does not count towards the final mark on the module.

Academic aims

 

  • To develop in students an understanding of fundamental and intermediate concepts in micro and macroeconomic analysis;

  • To equip students with a range of appropriate analytical skills, including descriptive, graphical and mathematical methods; and

  • To develop the capacity to apply analytical techniques to real world problems.

Syllabus

 

The syllabus will be based on material related to the following:

Micro (Term1)

  • Household behavior, choice and demand
  • Costs and Revenues and supply
  • Market Structure and Firm Behaviour
  • Factor Markets
  • Welfare

Macro (Term 2)

  • Consumption, saving and investment
  • IS and LM curve analysis
  • Aggregate demand and supply
  • Open economy macroeconomics: the World economy
  • Policy, growth and economic cycles

Illustrative reading

 

Frank, R., Microeconomics and Behaviour, McGraw-Hill, 8th Edition.

Estrin and Laidler, Intermediate Microeconomics

O Blanchard, Macroeconomics, (4th Edition)