Economics Principles and Applications (U01135)

? Credit Points : 40 ? SCQF Level : 8 ? Acronym : MSE-1-EP&A

The course is intended to provide a broad introduction to the basic principles of economic analysis, and illustrate the usefulness of these principles in a varied range of applications. The first semester focuses on basic principles, covering: the microeconomic analysis of the behaviour of individuals and firms, the operation of markets, and government intervention in markets through taxes and regulation; and the macroeconomic analysis of the behaviour of economy-wide measures such as output, unemployment, money, interest rates, inflation and exchange rates. The second semester develops and uses these principles in a variety of, primarily applied, contexts. The contexts covered will vary from year to year. A typical year might include 5 contexts drawn from: development economics; the economics of transition; globalization; macroeconomic policy; the history of economic thought; the economics of the environment; bargaining and game theory; and financial markets. The course relies primarily on words, diagrams and numerical illustrations. The use of formal mathematics is limited and basic. The recommended textbook is: The recommended textbook is: Sloman 'Essentials of Economics' (Pearson Education, Custom edition). The course is primarily aimed at students who want to obtain a broad but basic insight into economics and contemporary economic issues, but do not intend (or want to keep open the option) to progress to further study of economics in their 2nd year. Students who do plan (or want to keep open the option) to progress to Economics 2 should take Economics 1A. Students on Economics programmes, who have not previously studied economics, may find it useful to take Economic Principles and Applications alongside Economics1A.

Entry Requirements

? Prohibited combinations : Economic Principles and Applications may not be taken concurrently or after Economics 2

Subject Areas

Home subject area

Economics, (Management School and Economics, Schedule H)

Delivery Information

? Normal year taken : 1st year

? Delivery Period : Full Year (Blocks 1-4)

? Contact Teaching Time : 3 hour(s) per week for 20 weeks

First Class Information

Date	Start	End	Room	Area	Additional Information
18/09/2007	16:10	17:00	Room G.08, William Robertson Building	Central

All of the following classes

Type	Day	Start	End	Area
Lecture	Tuesday	16:10	17:00	Central
Lecture	Friday	16:10	17:00	Central

? Additional Class Information : Tutorials to be arranged in addition

Summary of Intended Learning Outcomes

After successful completion of this course the student will have a basic knowledge and understanding of:
- the microeconomic analysis of the behaviour of individuals and firms, the operation of markets, and government intervention in markets through taxes and regulations; and
- the macroeconomic analysis of the behaviour of economy-wide measures such as output, unemployment, money, interest rates, inflation and exchange rates.
And insight into a variety of contemporary economic issues through applications of these principles.

General skills developed include:
- critical analysis and assessment;
- reasoning adaptably and systematically;
- problem-framing and problem-solving skills;
- basic numeracy and quantitative skills;
- obtaining and processing information from a variety sources;
- presentation and communication skills;
- interpersonal and group skills;
- computer and IT skills;
- independent action and initiative;
- managing tasks and time;
- coping with stress.

Assessment Information

Completion of formative on-line (multiple choice) tests: 5% point penalty for failure to submit at least 80% of tests.
Semester 1 class exam (multiple choice): 20%
Teamwork project (semester 1): 10%
Teamwork project (semester 2): 10%
Degree exam: 60%.
Resit exam: 100%