EC204-30 Economics 2
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 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 understanding:...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 assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
- Subject knowledge and understanding:... 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 assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
- Subject knowledge and understanding:...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 assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
- Subject knowledge and understanding:...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 assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
- Subject knowledge and understanding:...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 assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
- Cognitive Skills:...analyse 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 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 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 resources. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, seminar discussions and Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)
- Cognitive Skills:...analyse 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 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 Skills:...select 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 assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
- Subject-Specific/Professional Skills:...produce 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 assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
- Subject knowledge and understanding:...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 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 DB
Weighting | Study time | Eligible for self-certification | |
---|---|---|---|
Essay 1 | 10% | Yes (extension) | |
Assignment 1 First 1000-word essay |
|||
Essay 2 | 10% | Yes (extension) | |
Assignment 2 Second 1000-word essay |
|||
Participation in and engagement with Support and Feedback classes | 10% | No | |
4 x quizzes (2.5% each) | 10% | No | |
Online Examination | 60% | No | |
A paper which examines the course content and ensures learning outcomes are achieved. ~Platforms - AEP
|
Assessment group R
Weighting | Study time | Eligible for self-certification | |
---|---|---|---|
Online Examination - Resit | 100% | No | |
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.
Pre-requisites
Any of:
EC106-24 Introduction to Economics OR
EC107-30 Economics 1
OR
EC108-30 Macroeconomics 1 AND
EC109-30 Microeconomics 1
OR
EC131-15 Economics for Business AND
EC229-12 Economics of Strategy
EC229-15 Economics of Strategy AND
IB121-15 Business Statistics AND
IB122-15 Business Analytics
To take this module, you must have passed:
Post-requisite modules
If you pass this module, you can take:
- EC346-15 Research Methods in Economics
- EC310-15 Topics in Development Economics
- EC310-15 Topics in Development Economics
- EC337-15 Industrial Economics 2: Market Economics, Competition & Regulation
- EC342-15 Topics in Economic History
- EC342-15 Topics in Economic History
- EC336-15 International Trade
- EC334-15 Topics in Financial Economics: Corporate Finance and Markets
- EC314-15 Topics in Economic Theory
- EC313-15 The International Economy in the Twentieth Century
- EC312-15 International Economics
- EC307-15 Macroeconomic Policy in the EU
- EC333-15 Topics in Financial Economics: Theories and International Finance
- EC333-15 Topics in Financial Economics: Theories and International Finance
- EC340-15 Topics in Applied Economics (3a)
- EC340-15 Topics in Applied Economics (3a)
- EC345-15 Behavioural Economics: Theory and Applications
- EC343-15 Topics in Applied Economics (3b)
- EC343-15 Topics in Applied Economics (3b)
- EC341-15 Mathematical Economics 2: Mechanism Design and Alternative Games
- EC339-15 Applied Macroeconomics
- EC326-15 Industrial Economics 2: Strategy & Planning
- EC320-15 Economics of Public Policy
- EC318-15 Labour Economics
- EC318-15 Labour Economics
- EC301-15 Mathematical Economics 2: Dynamics, Uncertainty & Asymmetrical Information
Anti-requisite modules
If you take this module, you cannot also take:
- EC201-30 Macroeconomics 2
- EC202-30 Microeconomics 2
Courses
This module is Core for:
- Year 2 of UIPA-L1L8 Undergraduate Economic Studies and Global Sustainable Development
- Year 2 of UECA-4 Undergraduate Economics 4 Year Variants
- Year 2 of UECA-LM1D Undergraduate Economics, Politics and International Studies
-
UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
- Year 2 of L1CC Economics, Psychology and Philosophy (Behavioural Economics Pathway)
- Year 2 of L1CD Economics, Psychology and Philosophy (Economics with Philosophy Pathway)
-
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)
- 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 Optional for:
- 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 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 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)