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Module Handbook

This document outlines an introductory economics module covering microeconomics in the autumn term and macroeconomics in the spring term. Topics include supply and demand, costs of production, market structures, and aggregate concepts like inflation and growth. Formative work includes weekly questions and projects, and summative assessment includes short tests and a final exam.

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roseliu.521.jack
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26 views

Module Handbook

This document outlines an introductory economics module covering microeconomics in the autumn term and macroeconomics in the spring term. Topics include supply and demand, costs of production, market structures, and aggregate concepts like inflation and growth. Formative work includes weekly questions and projects, and summative assessment includes short tests and a final exam.

Uploaded by

roseliu.521.jack
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Module handbook - Introductory Economics for Business and Finance (IC103)

This module will introduce you to the world of Economics. The great thing about this
subject is that it doesn’t just describe the economy, it gives you a way of thinking that
will help you to frame and solve problems in your subject area. During the autumn
term we will focus on microeconomics, the prefix “micro” does not mean that we will
consider small problems; rather that we will think about issues from the point of view
of individual decision-makers, who may be people or firms. In the spring term we will
take a broader view in macroeconomics, looking at how the entire economy works.
The other big difference between the two terms is that during the autumn term we
will meet online, but in the spring we hope to get back to normal and hold lectures
and tutorials on campus.

I realise that some of you have already studied this subject, but it will new to others.
Inevitably there is overlap between this module and A level Economics. I will
approach the subject from a business perspective and highlight links between the
topics we study here and the other subjects you will study in your degree
programmes.

The following sections of this document tell you more about the topics we will explore
and the formative (non-assessed) and summative (assessed) work you will do.

Autumn term

Our topics for this term are:

1. The basics of Economics: demand, supply and equilibrium


2. Demand and supply 2: elasticity
3. Going behind demand: individual decision making (marginal utility,
indifference curves and budget lines)
4. Going behind supply: production and costs
5. Firm-level objectives: profit/revenue maximisation
6. Industry structure 1: perfect competition and monopoly
7. Industry structure 2: imperfect competition and oligopoly
8. Alternative theories of the firm and wage determination

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Each topic will be covered through a range of activities, these include watching
videos, reading the textbook, answering questions in advance of the tutorials (four
this term) and exchanging ideas in small groups. I will also set two short group
projects which you will work on with other students from your programme. I will give
feedback on these during two additional tutorials and will award a prize to the best
group.

At the end of each week I will announce the activities you need to do during the
following week, so that you can plan your time. You can also find the weekly learning
plan on the Blackboard site in the “course documents” section.

Spring term

Our topics this term are:

1. Aggregate demand
2. Banking, money and interest rates
3. Aggregate supply
4. The relationship between money and goods markets
5. Inflation and unemployment
6. Economic growth

In addition to the six, 2-hour lectures covering these topics, you will have a total of
six tutorials, four with your teaching assistant and two with me. Your teaching
assistant will go through your tutorial questions, and I will provide feedback on your
short projects/challenges. Once again there will be prizes, and at the end of term we
will see which programme has won most prizes.

Reading

The textbook is: Sloman, J., Garratt, D. and Guest, J. (2018) Economics Pearson
(10th edition).

Assessment

Formative work is set so that you can test your understanding of each topic. In the
“assessments” section of the Blackboard site you will find the question sets for each
tutorial. You should work on these question sets before the tutorial and be prepared
to talk about your answers during the class. Your teaching assistant will go through

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the answers with you and upload model answers a week later. In addition to the
question sets, I have set a series of economic challenges (the short projects) for you
to work on in teams.

Summative work is the work that counts towards your module grade. Short multiple
choice tests will be held at the end of each term, each counting for 10% of the
module score. The final exam (also multiple choice) will be held in May 2021.
Sample tests can be found in the “assessments” section of the Blackboard site.

Professor Carol Padgett

Autumn term 2020

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