Introductory description

This module provides students who have a mathematical background with an introduction to both microeconomics and macroeconomics. It is taught using a combination of mathematical, analytical, and graphical tools, with the focus on providing an intuitive understanding of core economic theory, which will also include ‘real world’ applications.

Module web page

Module aims

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 behaviour of individual consumers and firms, and their interaction within markets. The module introduces key concepts and analytical tools used to understand consumer decision-making, production and costs, market equilibrium, and different market structures. It also examines strategic behaviour between firms and sources of market failure. Topics typically include consumer preferences and utility maximisation, consumer demand, producer theory, costs and production, market equilibrium, perfect competition, monopoly, oligopoly and game theory, and market failure, including externalities.

Term 2: Macroeconomics, which is concerned with the behaviour of the economy as a whole, including economic growth, unemployment, inflation, wages, and macroeconomic policy. The module introduces students to key macroeconomic models and policy debates relating to both domestic and global economies. Topics typically include long-run macroeconomic dynamics, the supply side of the economy, unemployment and real wages, inequality and supply-side institutions, aggregate demand and multiplier models, inflation and unemployment, macroeconomic stabilisation policy, and macroeconomic policy in an open and global 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

Reading lists can be found in Talis

Specific reading list for the module

Subject specific skills

Applied Economics
Economic information
Economic principles
Research and debate
Abstraction
Analysis of incentives
Analytical reasoning
Analytical thinking and communication
Critical thinking
Policy evaluation
Problem solving
Strategic thinking
Sustainability

Transferable skills

Numeracy and quantitative skills
Math, Statistical, data-based research skills
Oral communication
Written communication