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Module Title

LC Principles of Economics

Department

Economics

Module Code

08 29194

Level

Certificate Level

Credits

20

Semester

Semester 1

Restrictions

Available only to students on degree programmes that include this module in their first year module portfolio.

Contact Hours

Lecture-42 hours

Seminar-8 hours

Guided independent study-150 hours

Total: 200 hours

Description

This module provides an introduction to economics for students taking a degree in which economics is a major component. The main purpose is to equip students with knowledge of the main economic concepts, theories and principles and the basic tools and methods of economic analysis. The module is designed to provide a reasonably complete perspective, at an introductory level, of microeconomics and macroeconomics. The microeconomics part explores the standard analytical frameworks used in examining concepts such as consumer preferences, optimal choice, firms' costs and production decisions, demand and supply, market structures, market failure etc. The macroeconomics part deals with the main macroeconomic variables (GDP, inflation, unemployment) and their measurement, and the basic macroeconomic theory including models of short-run and long-run aggregate demand and supply, and economic growth.

Learning Outcomes

By the end of the module students should be able to:

● demonstrate knowledge and understanding of basic concepts, theories and models in economics;

● apply the appropriate methods of analysis to specified economic situations and problems;

● interpret economic information presented in written, numerical and graphical form.

Assessment

29194-01: 1,500 Word Assignment : Coursework (50%)

29194-02: Exam: Exam (Centrally Timetabled)-Written Unseen (50%)

Assessment Methods & Exceptions

Assessments:

1500-Word Individual Coursework (50%)

2-Hour Final Examination (50%)

Reassessment:

Reassessment by failed component