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EC204-30 Economics 2

Academic year
20/21
Department
Economics
Level
Undergraduate Level 2
Module leader
Elizabeth Jones
Credit value
30
Module duration
20 weeks
Assessment
40% coursework, 60% exam
Study location
University of Warwick main campus, Coventry
Introductory description

From this module students can develop a deeper understanding of economic concepts introduced in analysis. It will also introduce to new concepts in both micro and macroeconomic analysis and in the analysis of public policy issues such as market failure and counter-inflation policy.

Module web page

Module aims

The module aims to enable students to develop a deeper understanding of economic concepts introduced in first–year analysis and to introduce new concepts in both micro and macroeconomic analysis. New concepts include material drawn from general equilibrium, welfare economics, game theory, rational expectations and time consistency. The module aims to introduce students to the analysis of public policy issues such as market failure and counter-inflation policy.

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

The module will typically cover some of the following topics:
Microeconomics: consumer theory, preferences, indifference curves, budget constraints, optimisation, revealed preference, Hicksian and Slutsky analysis. Choice under uncertainty: expected value and expected utility, insurance, asymmetric information including moral hazard and adverse selection. The analysis of general equilibrium and welfare economics. Consideration of the economics of public policy issues such as externalities and public goods. Game theoretic approaches to oligopoly, entry and other strategic areas in industrial and business economics. Macroeconomics The unemployment-inflation relationship. The effect of monetary policy. Expectations, financial markets and the Macroeconomy. Political business cycles. The Time inconsistency problem. The open economy.

Learning outcomes

By the end of the module, students should be able to:

  • Subject knowledge and understandingTo understand key concepts and principles in intermediate microeconomics and macroeconomics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
  • Subject knowledge and understandingTo demonstrate knowledge of macroeconomic policies and understand the role of theory in analysing their effectiveness.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
  • Subject knowledge and understandingTo abstract and simplify economic problems through the application of theoretical models.
  • Key Skills Communicate knowledge and understanding of economics in written, spoken, graphical and in mathematical forms.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Assessed Essays and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
  • Subject knowledge and understandingTo apply rigorous knowledge of theoretical models which underlie economic analysis.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
  • Subject knowledge and understandingTo understand the uses, applications and limitations of theoretical models.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Seminar discussions, Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
  • Subject knowledge and understandingTo demonstrate knowledge of microeconomic policies.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
  • Cognitive SkillsAnalyse competing models and hypotheses in a critical way.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Readings and Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative) Essay (summative), Summer Examination (summative).
  • Key Skills Present the output of their own work to an audience.The teaching and learning methods that enable students to achieve this learning outcome are: Seminar discussions and Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)
  • Key Skills Conduct individual and collaborative research into an Economic topic, using world wide web and library resourcesThe teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, seminar discussions and Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)
  • Cognitive SkillsAnalyse and formulate models for understanding and solving problems.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Assessed Essays and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays, Group Projects (formative), Summer Examination.
  • Subject-Specific/Professional SkillsSelect and apply appropriate economic models and techniques to particular problems especially those of a policy nature.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Assessed Essays and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
  • Subject-Specific/Professional SkillsProduce concise and analytical reports relating to economic problems and issues.The teaching and learning methods that enable students to achieve this learning outcome are: Assessed Essays and Seminar presentations.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
Indicative reading list

Please see Talis Aspire link for most up to date list.

View reading list on Talis Aspire

Subject specific skills

Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Creative thinking
Strategic thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of institutions
Analysis of incentives
Analysis of Optimisation
Understanding of Uncertainty and Incomplete Information

Transferable skills

Students will have the opportunity to develop:
Research skills
Numeracy and quantitative skills
IT skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills

Study time

Type Required
Lectures 40 sessions of 1 hour (13%)
Seminars 16 sessions of 1 hour (5%)
Private study 244 hours (81%)
Total 300 hours
Private study description

Private study will be required in order to prepare for seminars/classes, to review lecture notes, to prepare for forthcoming assessments, tests, and exams, and to undertake wider reading around the subject.

Costs

No further costs have been identified for this module.

You do not need to pass all assessment components to pass the module.

Students can register for this module without taking any assessment.

Assessment group DA
Weighting Study time
Essay 1 10%

Assignment 1 First 1000-word essay

Essay 2 10%

Assignment 2 Second 1000-word essay

Participation in and engagement with Support and Feedback classes 10%
4 x quizzes (2.5% each) 10%
3-hour examination (Summer) 60%

A paper which examines the course content and ensures learning outcomes are achieved.

~Platforms - AEP

Feedback on assessment

The Department of Economics is committed to providing high quality and timely feedback to students on their assessed work, to enable them to review and continuously improve their work. We are dedicated to ensuring feedback is returned to students within 20 University working days of their assessment deadline. Feedback for assignments is returned either on a standardised assessment feedback cover sheet which gives information both by tick boxes and by free comments or via free text comments on tabula, together with the annotated assignment. For tests and problem sets, students receive solutions as an important form of feedback and their marked assignment, with a breakdown of marks and comments by question and sub-question. Students are informed how to access their feedback, either by collecting from the Undergraduate Office or via tabula. Module leaders often provide generic feedback for the cohort outlining what was done well, less well, and what was expected on the assignment and any other common themes. This feedback also includes a cumulative distribution function with summary statistics so students can review their performance in relation to the cohort. This feedback is in addition to the individual-specific feedback on assessment performance.

Past exam papers for EC204

Pre-requisites

EC106 (for MORSE students) or EC107 or EC131 and EC229 with a mark of 60% in each plus passes in IB121 and IB122

To take this module, you must have passed:

Post-requisite modules

If you pass this module, you can take:

  • EC339-15 Applied Macroeconomics
  • EC307-15 Macroeconomic Policy in the EU
  • EC312-15 International Economics
  • EC326-15 Industrial Economics 2: Strategy & Planning
  • EC320-15 Economics of Public Policy
  • EC333-15 Topics in Financial Economics: Theories and International Finance
  • EC333-15 Topics in Financial Economics: Theories and International Finance
  • EC334-15 Topics in Financial Economics: Corporate Finance and Markets
  • EC314-15 Topics in Economic Theory
  • EC310-15 Topics in Development Economics
  • EC310-15 Topics in Development Economics
  • EC313-15 The International Economy in the Twentieth Century
  • EC336-15 International Trade
  • EC337-15 Industrial Economics 2: Market Economics, Competition & Regulation
  • EC345-15 Behavioural Economics: Theory and Applications
  • EC233-15 Development Economics (Microeconomics)
  • EC342-15 Topics in Economic History
  • EC318-15 Labour Economics
  • EC318-15 Labour Economics
  • EC331-30 Research in Applied Economics
  • EC331-30 Research in Applied Economics
  • EC331-30 Research in Applied Economics

Courses

This module is Core for:

  • Year 2 of UECA-4 Undergraduate Economics 4 Year Variants
  • Year 2 of UECA-LM1D Undergraduate Economics, Politics and International Studies
  • ULNA-R1L4 Undergraduate French and Economics (4-year)
    • Year 2 of R1L4 French and Economics
    • Year 3 of R1L4 French and Economics
  • Year 2 of ULNA-R2L4 Undergraduate German and Economics (4-year)
  • Year 2 of ULNA-R4L1 Undergraduate Hispanic Studies and Economics (4-year)
  • Year 2 of ULNA-R3L4 Undergraduate Italian and Economics (4-year)
  • Year 2 of UMAA-GL11 Undergraduate Mathematics and Economics
  • Year 2 of UECA-GL12 Undergraduate Mathematics and Economics (with Intercalated Year)
  • Year 2 of ULNA-R9L1 Undergraduate Modern Languages and Economics (4-year)
  • UPHA-V7ML Undergraduate Philosophy, Politics and Economics
    • Year 2 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
    • Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
  • Year 2 of UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)

This module is Core optional for:

  • Year 2 of UIPA-L1L8 Undergraduate Economic Studies and Global Sustainable Development
  • Year 3 of ULNA-R1L4 Undergraduate French and Economics (4-year)

This module is Optional for:

  • Year 2 of UCSA-I1N1 Undergraduate Computer Science with Business Studies
  • Year 2 of UCSA-G5N1 Undergraduate Computer and Management Sciences
  • Year 4 of UIBA-N140 Undergraduate International Business
  • Year 4 of UIBA-N1R1 Undergraduate International Business with French
  • Year 4 of UIBA-N1R2 Undergraduate International Business with German
  • Year 4 of UIBA-N1R3 Undergraduate International Business with Italian
  • Year 4 of UIBA-N1R4 Undergraduate International Business with Spanish
  • Year 2 of USTA-G1G3 Undergraduate Mathematics and Statistics (BSc MMathStat)
  • Year 2 of USTA-GG14 Undergraduate Mathematics and Statistics (BSc)

This module is Core option list A for:

  • Year 3 of ULNA-R9L1 Undergraduate Modern Languages and Economics (4-year)
  • Year 2 of UPHA-V7ML Undergraduate Philosophy, Politics and Economics

This module is Core option list C for:

  • Year 3 of ULNA-R2L4 Undergraduate German and Economics (4-year)
  • Year 3 of ULNA-R3L4 Undergraduate Italian and Economics (4-year)

This module is Option list A for:

  • Year 2 of USTA-G300 Undergraduate Master of Mathematics,Operational Research,Statistics and Economics
  • Year 2 of USTA-Y602 Undergraduate Mathematics,Operational Research,Statistics and Economics

This module is Option list B for:

  • Year 2 of UCSA-G400 BSc Computing Systems
  • Year 4 of UIBA-N203 BSc in International Management
  • Year 3 of UIBA-N201 BSc in Management
  • Year 4 of UIBA-N202 BSc in Management (with Intercalated Year/UPP)
  • Year 2 of UCSA-G402 MEng Computing Systems
  • Year 3 of UIBA-NN35 Undergraduate Accounting and Finance
  • UIBA-NN36 Undergraduate Accounting and Finance (with Intercalated Year/Undergraduate Partnership Programme)
    • Year 4 of NN36 Accounting and Finance (Intercalated)
    • Year 4 of NN37 Accounting and Finance (Undergraduate Partnership Programme)
  • Year 2 of UCSA-G500 Undergraduate Computer Science
  • Year 2 of UCSA-G503 Undergraduate Computer Science MEng

This module is Option list C for:

  • Year 2 of UCSA-G5N1 Undergraduate Computer and Management Sciences