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ECON1011: PRINCIPLES OF ECONOMICS

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Type	Tied
Level	1
Credits	20
Availability	Available in 2024/2025
Module Cap
Location	Durham
Department	Economics

Prerequisites

A-Level Mathematics minimum grade A or equivalent

Corequisites

None

Excluded Combinations of Modules

None

Aims

To introduce the basic principles of economics
To provide a sound foundation for second year core modules in Micro- and Macroeconomics.

Content

MICROECONOMICS: The topics are likely to include:
Demand, supply and the market determination of prices.
How markets work.
Consumer spending choices, indifference curves and the budget constraint.
Household saving and investment decisions.
Labour supply decisions and the choice between work and leisure.
Production of goods and services and the theory of the firm.
Competition, monopoly and oligopoly.
Game theory.
Utility and decision making.
The determinants of international trade.
MACROECONOMICS: Topics are likely to include:
Goods market equilibrium.
Money market equilibrium.
The IS-LM model.
Exchange rates and the balance of payments.
Labour market equilibrium.
Aggregate demand and supply
Unemployment and inflation 1: the Phillips curve and expectations.
Growth theories.

Learning Outcomes

Subject-specific Knowledge:

know and understand the basic principles of economics
be able to apply an economic framework to the analysis of decision making by producers and/or consumers
be able to construct and explain fundamental macro-economic models and interrelationships and how they are affected by change
have had exposure to rival schools of thought in the evolution of economics

Subject-specific Skills:

By the end of the module students should be able to:
explain key theories in microeconomics;
explain key theories in macroeconomics;
use appropriate techniques for economic analysis.

Key Skills:

Critical and analytical thinking
Problem solving
Written communication
Own learning
Working with numbers
Library skills
Information retrieval

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

Teaching is by lectures and seminars. Learning takes place through attendance at lectures, preparation for and participation in seminar classes, and private study. Seminar questions give students the opportunity to test their understanding of the subject.
Formative assessment is by means of essay questions.
Summative assessment is by means of a written examination to test students knowledge and understanding of the subject-matter.

Teaching Methods and Learning Hours

Activity	Number	Frequency	Duration	Total	Monitored
Lectures	40	2 per week	1 hour	40
Seminars	8	4 in Term 1, 4 in Term 2	1 hour	8	Yes
Revision Lectures	2	2 in Term 3	1 hour	2
Preparation and Reading				150
Total				200

Summative Assessment

Component: Examination		Component Weighting: 100%
Element	Length / Duration	Element Weighting	Resit Opportunity
One in-person written examination	2 hours	100	Same

Formative Assessment

At least one written piece of work to prepare students for summative exam.

More information

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