Undergraduate Course: Economics 1 (ECNM08013)
Course Outline
| School | School of Economics |
College | College of Humanities and Social Science |
| Course type | Standard |
Availability | Available to all students |
| Credit level (Normal year taken) | SCQF Level 8 (Year 1 Undergraduate) |
Credits | 40 |
| Home subject area | Economics |
Other subject area | None |
| Course website |
None |
Taught in Gaelic? | No |
| Course description | This calculus-based 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 microeconomic (individual market) contexts. The second semester considers macroeconomic (aggregate, economy-wide) phenomena. It looks in greater depth at national income accounting, economic growth, money and inflation; labour markets and unemployment.
Relevant mathematical techniques (e.g: Linear Equations & Their Graphs; Solving systems of equations; Derivatives and Differentiation; Optimisation; Functions of Two or More Variables; Basic Probability; Elasticity; Exponential and Logarithmic Functions; Compound & Continuous Growth; Calculus of Growth.) are developed and applied to economic contexts as an integral part of the course.
Learning-by-doing, through problem solving, is an important ingredient of the course, as part of 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 1. |
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
| Pre-requisites | None |
| Displayed in Visiting Students Prospectus? | Yes |
Course Delivery Information
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| Delivery period: 2014/15 Full Year, Available to all students (SV1)
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Learn enabled: Yes |
Quota: 472 |
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Web Timetable |
Web Timetable |
| Class Delivery Information |
Three lectures per week, each lasting one hour. Weekly two hour Economics tutorials in both semester 1 and 2. Weekly 1 hour mathematics/applications tutorials to be arranged in addition in Semester 1 only. |
| Course Start Date |
15/09/2014 |
| Breakdown of Learning and Teaching activities (Further Info) |
Total Hours:
400
(
Lecture Hours 38,
Seminar/Tutorial Hours 45,
Formative Assessment Hours 29,
Summative Assessment Hours 7,
Programme Level Learning and Teaching Hours 8,
Directed Learning and Independent Learning Hours
273 )
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| Additional Notes |
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| Breakdown of Assessment Methods (Further Info) |
Written Exam
90 %,
Coursework
10 %,
Practical Exam
0 %
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| Exam Information |
| Exam Diet |
Paper Name |
Hours & Minutes |
|
| Main Exam Diet S1 (December) | | 2:00 | | | 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 markets, taxes, regulation, international trade, and interacting markets. Competitive equilibrium and welfare; market failure. Economic growth, flex-price ('Classical') models of closed and open macroeconomies, money and inflation.
Ability to apply basic mathematical techniques in economic contexts: Linear Equations & Their Graphs; Solving systems of equations; Derivatives and Differentiation; Optimisation; Functions of Two or More Variables; Basic Probability; Elasticity; Exponential and Logarithmic Functions; Compound & Continuous Growth; Calculus of Growth.
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
3 mid-semester multiple choice class exams (each worth 10%, best 2 out of 3): 20%
December class exam (written): 10%
Essay (semester 2): 10%
Tutorial attendance and engagement (details in handbook): 10%
Degree Exam (May diet): 50%
Resit Exam (August diet): 100%
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Special Arrangements
| None |
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 |
| Keywords | Not entered |
Contacts
| Course organiser | Mr Sean Brocklebank
Tel: (0131 6)50 6955
Email: Sean.Brocklebank@ed.ac.uk |
Course secretary | Ms Dawn Mcmanus
Tel: (0131 6)50 6946
Email: Dawn.McManus@ed.ac.uk |
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