Undergraduate Course: Economic Principles and Applications (ECNM08002)
Course Outline
| School | School of Economics |
College | College of Humanities and Social Science |
| Credit level (Normal year taken) | SCQF Level 8 (Year 1 Undergraduate) |
Availability | Available to all students |
| SCQF Credits | 40 |
ECTS Credits | 20 |
| Summary | 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 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 1. Students on Economics programmes, who have not previously studied economics, may find it useful to take Economic Principles and Applications alongside Economics 1. |
| Course description |
The first semester focuses on basic principles. Course content varies from year to year, but would typically address 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, and inflation.
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 contexts drawn from: international economics; business cycles; game theory and behavioural economics; and information economics.
The course is taught through a programme of lectures and tutorials. The course relies primarily on words, diagrams and numerical illustrations. The use of formal mathematics is limited and basic. The recommended textbook is: Mankiw and Taylor 'Economics', latest 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 1. Students on Economics programmes, who have not previously studied economics, may find it useful to take Economic Principles and Applications alongside Economics 1.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
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Co-requisites | |
| Prohibited Combinations | Students MUST NOT also be taking
Economic Principles (ECNM08004) OR
Economics 2 (ECNM08006)
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Other requirements | Should not be taken concurrently or after Economics 2.
Must not have taken Economics 1. |
Information for Visiting Students
| Pre-requisites | None |
| High Demand Course? |
Yes |
Course Delivery Information
| Not being delivered |
Learning Outcomes
On completion of this course, the student will be able to:
- A knowledge and understanding of key economic and social issues, microeconomics and macroeconomic principles, and of economic issues through application of these principles.
- Research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
- Communication skills in order to critique, create and communicate understanding and to collaborate with and relate to others.
- Personal effectiveness through task-management, time-management, teamwork and group interaction, dealing with uncertainty and adapting to new situations, personal and intellectual autonomy through independent learning.
- Practical/technical skills such as, modelling skills (abstraction, logic, succinctness), qualitative and quantitative analysis and general IT literacy.
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Reading List
| Mankiw and Taylor 'Economics' |
Additional Information
| Graduate Attributes and Skills |
See Learning Outcomes |
| Additional Class Delivery Information |
Weekly one-hour tutorials to be arranged in addition. |
| Keywords | Not entered |
Contacts
| Course organiser | Dr Athanasia Arnokourou
Tel: (0131 6)51 3853
Email: A.Arnokourou@ed.ac.uk |
Course secretary | Miss Ruth Cusack
Tel: (0131 6)51 5993
Email: Ruth.Cusack@ed.ac.uk |
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