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Course Code
Credit points
FHEQ level
Prerequisites
1a INTRODUCTION TO ECONOMICS
(to be added at later date)
30
Level 4
None
Faculty
Course
leader
ECONOMICS
Masud Ally
DESCRIPTION
This is an introductory course which assumes no prior knowledge of economics.
It is split into two components: Microeconomics and Macroeconomics.
The course equips students with an understanding of microeconomics and
macroeconomics, and prepares them for Microeconomics and Macroeconomics
(Level 5), as well as topics in Applied Economics (Level 6). The objective of the
course is to familiarise students with the building blocks of the subject and to
cement a firm understanding of basic concepts in economics. Students should
understand the intuition behind the results and be able to apply economic
theory to the real world.
AIMS
The course aims to:
LEARNING OUTCOMES
On successful completion of the course, students should be able to:
Knowledge and understanding
K1a
K1a, K2a
K1a
(K1a)
Subject-specific skills
S1a, S3a
Undertake simple comparative statics analysis in economic models.
(S1a, S3a)
S1a, S2a
Model simple problems effectively by considering which issues are
important to the issue at hand and which can be safely ignored.
(S1a, S2a, S3a)
Transferable skills
T1a, T2a
Monopoly
Monopolistic Competition
Oligopoly
Macroeconomics
The Data of Macroeconomics
Measuring a Nations Income
Measuring the Cost of Living
The Real Economy in the Long Run
Production and Growth
Saving, Investment and the Financial System
The Basic Tools of Finance
Unemployment
Money and Prices in the Long Run
The Monetary System
Money Growth and Inflation
Short-Run Economic Fluctuations
Keynes and IS-LM Analysis
Aggregate Demand and Aggregate Supply
The Influence of Monetary and Fiscal Policy on Aggregate Demand
The Short-Run Trade-Off Between Inflation and Unemployment
INDICATIVE EXAMINATION QUESTION
A company considers a package to help employees with the running cost of
their cars. It considers two options:
1) To offer a fixed amount of money towards the use of the car in addition
to a cost-free usage for the first X miles,
2) To participate in the actual cost of running the car (i.e. pay a certain
amount A per mile used).
a) Let X represent mileage of car usage, and Y all other goods. Discuss the
effect of each option on an employees set of possible choices, and show these
on relevant graphs.
b) Which of the options will the employee prefer if the company decided to
spend the same amount of money under the two options? On what factor(s)
does your answer to this question depend?
c) Critically analyse both schemes and evaluate their merits and
disadvantages. Which of these schemes would you advise the company to
adopt, and why?
d) Explain your answer to (c) to the company using terminology that a noneconomist can be expected to understand.
Date of validation