Economics 1A (U01141)

? Credit Points : 40 ? SCQF Level : 8 ? Acronym : MSE-1-E1A

The course is intended to develop a rigorous understanding of core economic models and analysis, together with an ability to apply the analysis in a variety of contexts. The first semester focuses on developing and using models of supply and demand in both microeconomic (individual market) and macroeconomic (economy-wide, aggregate) contexts. The second semester looks in greater depth at the underlying microfoundations of producer and consumer behaviour in competitive and monopoly settings, and then utilizes the analytical tools developed to explore the consequences of competitive markets for economic well-being and the problems posed by 'market failures'. Relevant mathematical and statistical techniques (e.g. solving linear equation systems, logs, basic calculus, maximization, simple regression) are developed and applied to economic contexts as an integral part of the course. The recommended textbooks are: Besanko and Braeutigam 'Microeconomics: an Integrated Approach' (Wiley) and Mankiw 'Macroeconomics' (Palgrave). Learning-by-doing, through problem solving and project work, are an important ingredient of the course, with regular on-line tests to reinforce an active approach to learning. The course is primarily aimed at students who intend (or want to keep open the option) to progress to further study of economics in their 2nd year. Other students are welcome, but may find Economic Principles and Applications a more suitable alternative. Students who have not previously studied economics may find it useful to take Economic Principles and Applications alongside Economics1A. A background in mathematics beyond GCSE level is recommended. Students with a weaker maths background will need to be prepared to work at developing their maths skills.

Entry Requirements

none

Variants

? This course has variants for part year visiting students, as follows

Economics 1A (VS1) (Semester 1 (Blocks 1-2))

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 : 4 hour(s) per week for 20 weeks

First Class Information

Date	Start	End	Room	Area	Additional Information
20/09/2007	09:00	10:00	Lecture Theatre A, David Hume Tower	Central

All of the following classes

Type	Day	Start	End	Area
Lecture	Monday	09:00	09:50	Central
Lecture	Thursday	09:00	09:50	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 knowledge and understanding of: supply & demand analysis of competitive markets - comparative statics; elasticities; and ability to apply analysis to e.g. goods and factor markets, taxes, regulation, international trade, and interacting markets. Flex-price ('Classical') and fixed-price ('Keynesian') models of closed and open macroeconomies. Cost curves and production functions; monopoly; consumer choice; competitive equilibrium and welfare; market failure.
Ability to apply basic mathematical techniques in economic contexts: manipulating & solving linear equation systems; functions and graphs; basic calculus (elasticities; maximization/minimization); Edgeworth boxes; simple regression.
General skills developed include: critical analysis and assessment; reasoning adaptably and systematically; problem-framing and problem-solving skills; 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): 10%
Teamwork project (semester 1): 10%
Essay (1000 words; semester 2): 20%
Degree exam: 60%
Resit exam: 100%