Undergraduate Course: Economics 1 (ECNM08013)
|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
|Summary||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 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.
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.
The course is taught through a programme of lectures and tutorials. 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/or Economic Applications a more suitable alternative.
Entry Requirements (not applicable to Visiting Students)
||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.
Information for Visiting Students
|High Demand Course?
Course Delivery Information
|Academic year 2017/18, Available to all students (SV1)
|Learning and Teaching activities (Further Info)
Lecture Hours 60,
Seminar/Tutorial Hours 36,
Summative Assessment Hours 7.5,
Programme Level Learning and Teaching Hours 8,
Directed Learning and Independent Learning Hours
|Assessment (Further Info)
|Additional Information (Assessment)
||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%
Weekly Homework: 10%
Degree Exam (May diet): 50%
A passing course mark is an overall mark of 40% or higher. However, candidates must also pass the final examination with a mark of 40% or above in order to pass the course. Failure to do so will result in a forced fail (FF) regardless of the candidate's coursework mark.
Resit Exam (August diet): 100%
||Hours & Minutes
|Main Exam Diet S1 (December)||1:30|
|Main Exam Diet S2 (April/May)||3:00|
|Resit Exam Diet (August)||3:00|
On completion of this course, the student will be able to:
- A knowledge and understanding of microeconomic and macroeconomic analysis including principles, models and associated mathematical and statistical techniques, along with applications and policy implications of those models.
- 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.
- Personal effectiveness through task-management, time-management, 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.
- Frank & Cartwright, Microeconomics and Behaviour (2nd edition)
- Gottfries, Macroeconomics (1st edition)
Suggested textbook (for maths)
- Renshaw, Maths for Economics (currently in 4th edition, but any edition will do)
|Graduate Attributes and Skills
||See Learning Outcomes
|Additional Class Delivery Information
||Three lectures per week, each lasting one hour. Weekly two hour Economics tutorials in both semester 1 and 2.
|Course organiser||Dr Sean Brocklebank
Tel: (0131 6)50 6955
|Course secretary||Miss Ruth Cusack
Tel: (0131 6)51 5993