EC10630 Introduction to Economics
Introductory description
This module provides students who have a mathematical background with an introduction to both microeconomics and macroeconomics. It is taught using a nonmathematical approach, with the focus on providing an intuitive understanding to core economic theory, which will also include ‘real world’ applications. Graphical analysis will also be used to illustrate key concepts, giving students a different way of examining problems that will complement the mathematics skills learnt in other modules.
Module aims
The module covers both microeconomics and macroeconomics and aims to introduce students to some of the fundamental concepts and theories within economics. It aims to equip students with appropriate analytical skills, especially descriptive and graphical methods of analysis to complement their more quantitative modules in statistics and mathematics.
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.
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. The module will typically consider some of the following topics:
What is Economics; Demand and Supply; Consumer Choice; Uncertainty; Information; Production; Costs; The Market Mechanism; Perfect Competition; Imperfect Competition, including Monopoly, Monopolistic Competition and Oligopoly; Game Theory; Market Failure, including Externalities and Public Goods
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.
Introduction to Macroeconomics; Economic Growth; National Accounts, Alternative Measurements; The Distribution of Income; Aggregate Demand and Aggregate Supply; Equilibrium National Income; Inflation; Unemployment; The Phillips Curve; The Money Market; Interest Rates; The Financial System; ISLM analysis; The Great Depression; Economic and Financial Crises; The 3Equation Model; Macroeconomic Policy; Technological Change; Models of Capital Accumulation; The Open Economy
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
 Demonstrate the capacity for abstract reasoning and to simplify economic problems through the application of theoretical models
 Demonstrate an understanding of key concepts, principles, theories and models in Economics
 Demonstrate the capacity to interpret economic data and to use data to inform the selection and application of appropriate economic tools of analysis
 Demonstrate the capacity to comment and facilitate in formulating economic policy
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:
 Macroeconomics, Macmillan Education by N. Gregory Mankiw (9th Edition)
 Economics Dynamics, Springer by Giancarlo Gandolfo (3rd Edition)
 An Introduction to Macroeconomics, A heterodox approach to economic analysis by L.P. Rochon & S. Rossi (Edward Elgar publishing)
 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
Problemsolving
Abstraction
Policy evaluation
Analysis of incentives
Analysis of optimisation
Transferable skills
Students will have the opportunity to develop skills in:
Economic Argument
Data Interpretation
Numeracy skills
Written communication
Oral communication
Information technology
Policy Formulation
Study time
Type  Required 

Lectures  40 sessions of 1 hour (13%) 
Demonstrations  8 sessions of 1 hour (3%) 
Private study  252 hours (84%) 
Total  300 hours 
Private study description
Private study will be required in order to prepare for the workshops, 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.
Assessment group D1
Weighting  Study time  

Test 1  10%  
60 minute MCQ class test 

Test 2  10%  
60 minute MCQ class test 

In person Examination  80%  
A paper which examines the course content and ensures learning outcomes are achieved.

Assessment group R1
Weighting  Study time  

Inperson Examination  Resit  100%  
A paper which examines the course content and ensures learning outcomes are achieved.

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 subquestion. 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 individualspecific feedback on assessment performance.
Prerequisites
Alevel Mathematics or the equivalent
Postrequisite modules
If you pass this module, you can take:
 EC20815 Industrial Economics 1: Market Structure
 EC20815 Industrial Economics 1: Market Structure
 EC22115 Mathematical Economics 1B
 EC20515 Development Economics (Macroeconomics)
 EC22015 Mathematical Economics 1A
 EC23315 Development Economics (Microeconomics)
 EC24315 Economic Growth: Causes and Consequences
Courses
This module is Core for:
 Year 1 of USTAG300 Undergraduate Master of Mathematics,Operational Research,Statistics and Economics

USTAY602 Undergraduate Mathematics,Operational Research,Statistics and Economics
 Year 1 of Y602 Mathematics,Operational Research,Stats,Economics
 Year 1 of Y602 Mathematics,Operational Research,Stats,Economics
This module is Optional for:
 Year 1 of USTAG1G3 Undergraduate Mathematics and Statistics (BSc MMathStat)

USTAGG14 Undergraduate Mathematics and Statistics (BSc)
 Year 1 of GG14 Mathematics and Statistics
 Year 1 of GG14 Mathematics and Statistics
This module is Option list B for:
 Year 1 of UMAAG105 Undergraduate Master of Mathematics (with Intercalated Year)

UMAAG100 Undergraduate Mathematics (BSc)
 Year 1 of G100 Mathematics
 Year 1 of G100 Mathematics
 Year 1 of G100 Mathematics

UMAAG103 Undergraduate Mathematics (MMath)
 Year 1 of G100 Mathematics
 Year 1 of G103 Mathematics (MMath)
 Year 1 of G103 Mathematics (MMath)
 Year 1 of UMAAG106 Undergraduate Mathematics (MMath) with Study in Europe
 Year 1 of UMAAG1NC Undergraduate Mathematics and Business Studies
 Year 1 of UMAAG1N2 Undergraduate Mathematics and Business Studies (with Intercalated Year)
 Year 1 of UMAAG101 Undergraduate Mathematics with Intercalated Year