Economics 1A (VS1) (U02478)

? Credit Points : 20 ? SCQF Level : 8 ? Acronym : MSE-1-E1A-VS-S1

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. Semester 1 focuses on developing and using models of supply and demand in both microeconomic (individual market) and macroeconomic (economy-wide, aggregate) contexts. The recommended textbooks are: Besanko and Braeutigan '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.

Entry Requirements

? This course is only available to part year visiting students.

? This course is a variant of the following course : U01141

Subject Areas

Home subject area

Economics, (Management School and Economics, Schedule H)

Delivery Information

? Normal year taken : 1st year

? Delivery Period : Semester 1 (Blocks 1-2)

? Contact Teaching Time : 3 hour(s) per week for 11 weeks

First Class Information

Date	Start	End	Room	Area	Additional Information
20/09/2007	09:00	09:50	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

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

Computer literacy test (common to all 1st year courses in Management School & Economics; pass required for pass in Economics 1A).
Class-work mark comprises:
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): 50%
2 exercises (one from Block 1, one from Block 2) 10% each
Teamwork project (semester 1): 10%
Essay (1000 words): 20%