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DRPS : Course Catalogue : School of Economics : Economics

Undergraduate Course: Economics 1A (ECNM08005)

Course Outline
SchoolSchool of Economics CollegeCollege of Humanities and Social Science
Course typeStandard AvailabilityAvailable to all students
Credit level (Normal year taken)SCQF Level 8 (Year 1 Undergraduate) Credits40
Home subject areaEconomics Other subject areaNone
Course website None Taught in Gaelic?No
Course descriptionThe 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: Pindyck and Rubinfeld 'Microeconomics' (Pearson) 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 Economics 1A.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Co-requisites
Prohibited Combinations Other requirements 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.
Additional Costs None
Information for Visiting Students
Displayed in Visiting Students Prospectus?Yes
Course Delivery Information
Delivery period: 2011/12 Full Year, Available to all students (SV1) WebCT enabled:  Yes Quota:  None
Location Activity Description Weeks Monday Tuesday Wednesday Thursday Friday
CentralLectureGeorge Square Lecture Theatre1-22 09:00 - 09:50
CentralLectureGeorge Square Lecture Theatre1-22 09:00 - 09:50
First Class Week 1, Monday, 09:00 - 09:50, Zone: Central. George Square Lecture Theatre
Additional information Weekly two-hour tutorials to be arranged in addition.
Exam Information
Exam Diet Paper Name Hours:Minutes
Main Exam Diet S1 (December)Economics 1A1:00
Main Exam Diet S2 (April/May)3:00
Resit Exam Diet (August)3:00
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
2 Mid-Semester Class Exams (1 per semester each worth 7%): 14%
Class Exam (multiple choice, December diet): 7%
Essay (semester 2): 15%
Degree Exam (May diet): 60%
Online Tests: 4% (semester 1 and semester 2, each worth 2%)

- Online test mark for each semester will be the average of the highest 5 marks.
- Tutorial attendance: penalty 3 marks deducted for 5 missed tutorials, 6 marks deducted for 7 missed tutorials, 9 marks deducted for 9 missed tutorials.

Resit Exam (August diet): 100%

Special Arrangements
Additional Information
Academic description Not entered
Syllabus Not entered
Transferable skills Not entered
Reading list Not entered
Study Abroad Not entered
Study Pattern Not entered
KeywordsNot entered
Course organiserDr Kohei Kawamura
Tel: (0131 6)51 3759
Course secretaryMs Eirlys Armstrong
Tel: (0131 6)50 8361
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