EC106-24 Introduction to Economics
Introductory description
To introduce quantitative economics to students with a relatively strong mathematical background and to extend this
analysis through the use of mathematics. The focus is mainly on economic theory but "real world" applications of relevant theories may also be examined.
Module aims
It covers both microeconomics and macroeconomics, aiming to introduce students to some fundamental concepts and theories within economics and equip students with appropriate analytical skills, especially descriptive and graphical methods of analysis
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 focus is mainly on economic theory but "real world" applications of relevant theories will also be examined, subject to time limitations. The module will typically cover the following topics:
Term 1: microeconomics, which is concerned with the economic behaviour of individual consumers and producing firms, and their interaction in markets for goods, services and factors of production, strategic interaction and the analysis of externalities and public goods.
Topic-1: Introduction: What is Economics? (Parkin: Chapter 1&2)
Topic-2: Demand and Supply (Parkin: Chapter 3 )
Topic-3: Consumer Choices (N&S: Chapter 3&4 and Parkin: Chapter 9)
Topic-4: Uncertainty and Information (Parkin: Chapter 20 )
Topic-5: The Firm: Production (N&S: Chapter 9 and Parkin: Chapter 11 )
Topic-6: The Firm: Cost (Parkin: Chapter 11 )
Topic-7: The Market: Perfect Competition (Parkin: Chapter 12 )
Topic-8: The Market: Monopoly (Parkin: Chapter 13 and N&S: Chapter 14)
Topic-9: The Market: Oligopoly and Game Theory (N&S: Chapter 8 &15)
Topic-10: Public Goods and Externality (Parkin: Chapter 16&17 )
Term 2: macroeconomics, which is concerned with aggregate economic variables or the workings of the national economy as a whole: aggregate output (Gross Domestic Product or GDP), employment and unemployment, inflation, interest rates, the balance of payments, exchange rates, etc., and with government economic policies to influence these variables.
Topic-1: Introduction to Macroeconomics: (Lecture notes + Rochon & Rossi Ch.1 & 2, + Gandolfo Ch.1)
Topic-2: National Accounts, Alternative Measurements (Lecture notes + Miles, Scott & Breedon Ch.2 + Rochon & Rossi Ch. 7 & 8 + Mankiw Ch.3)
Topic-3: Income Distribution, Demand Side & Supply Side of Economy (AD/AS) (Lecture notes, Blanchard, Amighini and Giavazzi Ch. 8 + Rochon & Rossi Ch.7 + Mankiw Ch. 3 & 10 & 11 & 12)
Topic-4: Money, Banking & Financial System (Lecture notes + Rochon & Rossi Ch.4 & 5 & 6 & 15 + Mankiw Ch. 4 & 11 & 12 + Blanchard, Amighini and Giavazzi Ch.5 & 6 & 14)
Topic-5: Shocks & Fluctuations Using IS-LM model, The Great Depression, Economic & Financial Crises (Lecture notes + Mankiw Ch.12 + Blanchard, Amighini and Giavazzi Ch.20)
Topic -6: Inflation, Unemployment and Phillips Curve (Lecture notes + Mankiw Ch. 5 & 7 & 14 + Rochon & Rossi Ch.8 + Blanchard, Amighini and Giavazzi Ch.7 & 9 & 10, Carlin & Soskice Ch.2)
Topic -7: The 3-Equation Model and Macroeconomic Policy (Lecture notes + Carlin & Soskice Ch.3)
Topic -8: Economic Growth, Capital Accumulation, Population Growth, Technological Advancement (lecture notes + Mankiw Ch.8 & 9 + Rochon & Rossi Ch.10 + Blanchard, Amighini and Giavazzi Ch.11 & 12 & 13)
Topic -9: Open Economy Model (Lecture notes + Mankiw Ch.6 & 13 + Amighini and Giavazzi Ch.6)
Learning outcomes
By the end of the module, students should be able to:
- Demonstrate knowledge of economic behaviours, outcomes, trends, developments, phenomena, institutions and policies
- To demonstrate the capacity for abstract reasoning and to simplify economic problems through the application of theoretical models
Indicative reading list
The micro lectures will be teaching from a mix of two textbooks.
- Microeconomics, Global Edition by Michael Parkin (12th Edition) Microeconomics Theory:
- Basic Principles & Extensions by Walter Nicholson and Christopher Snyder (12th Edition)
The Macroeconomics lectures are based on a combination of the following books/textbooks:
1- Macroeconomics, Macmillan Education by N. Gregory Mankiw (9th Edition)
2- Economics Dynamics, Springer by Giancarlo Gandolfo (3rd Edition)
3- An Introduction to Macroeconomics, A heterodox approach to economic analysis by L.P. Rochon & S. Rossi (Edward Elgar publishing)
4- Macroeconomics, Understanding the Global Economy by D. Miles, A. Scott, F. Breedon (3rd Edition) Macroeconomics, Institutions, Instability, and the Financial System by W. Carlin & D. Suskice
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
Strategic thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of incentives
Analysis of optimisation
Transferable skills
Students will have the opportunity to develop skills in:
Numeracy and quantitative skills
Written communication
Oral communication
Information technology
Mathematical, statistical and data-based research skills
Study time
| Type | Required |
|---|---|
| Lectures | 40 sessions of 1 hour (89%) |
| Seminars | 5 sessions of 1 hour (11%) |
| Total | 45 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 D2
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| Test 1 | 10% | No | |
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50 minute class test |
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| Test 2 | 10% | No | |
|
50 minute class test |
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| Online Examination | 80% | No | |
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A paper which examines the course content and ensures learning outcomes are achieved.
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Assessment group R
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| Online Examination - Resit | 100% | No | |
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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.
Pre-requisites
A-level Mathematics or the equivalent
Post-requisite modules
If you pass this module, you can take:
- EC238-15 Economics 2: Microeconomics
- EC208-15 Industrial Economics 1: Market Structure
- EC208-15 Industrial Economics 1: Market Structure
- EC228-15 Political Economy: Theory and Applications
- EC226-30 Econometrics 1
- EC221-12 Mathematical Economics 1B
- EC220-15 Mathematical Economics 1A
- EC220-12 Mathematical Economics 1A
- EC205-15 Development Economics (Macroeconomics)
- EC203-30 Applied Econometrics
- EC233-15 Development Economics (Microeconomics)
- EC221-15 Mathematical Economics 1B
- EC204-30 Economics 2
- EC239-15 Economics 2: Macroeconomics
Courses
This module is Core for:
- Year 1 of USTA-G300 Undergraduate Master of Mathematics,Operational Research,Statistics and Economics
- Year 1 of USTA-Y602 Undergraduate Mathematics,Operational Research,Statistics and Economics
This module is Optional for:
- Year 1 of USTA-G1G3 Undergraduate Mathematics and Statistics (BSc MMathStat)
- Year 1 of USTA-GG14 Undergraduate Mathematics and Statistics (BSc)
This module is Option list B for:
- Year 1 of UMAA-G100 Undergraduate Mathematics (BSc)
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UMAA-G103 Undergraduate Mathematics (MMath)
- Year 1 of G100 Mathematics
- Year 1 of G103 Mathematics (MMath)
- Year 1 of UMAA-G106 Undergraduate Mathematics (MMath) with Study in Europe
- Year 1 of UMAA-G1NC Undergraduate Mathematics and Business Studies
- Year 1 of UMAA-G1N2 Undergraduate Mathematics and Business Studies (with Intercalated Year)
- Year 1 of UMAA-GV17 Undergraduate Mathematics and Philosophy
- Year 1 of UMAA-GV18 Undergraduate Mathematics and Philosophy with Intercalated Year
- Year 1 of UMAA-G101 Undergraduate Mathematics with Intercalated Year