Undergraduate Course: Economics 1 (ECNM08013)
Course Outline
| School | School of Economics |
College | College of Arts, Humanities and Social Sciences |
| Credit level (Normal year taken) | SCQF Level 8 (Year 1 Undergraduate) |
Availability | Available to all students |
| SCQF Credits | 40 |
ECTS Credits | 20 |
| 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. |
| 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 looks at the theory of the firm and market structure, factor markets, externalities, the role of government and general equilibrium, with applications to monopoly and oligopoly, stock markets, property rights and public goods.
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.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | AS level Mathematics at Grade B, or Higher at Grade B, or equivalent, is recommended to take this course. |
Information for Visiting Students
| Pre-requisites | None |
| High Demand Course? |
Yes |
Course Delivery Information
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| Academic year 2021/22, Available to all students (SV1)
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Quota: None |
| Course Start |
Full Year |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
400
(
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
288 )
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| Assessment (Further Info) |
Written Exam
75 %,
Coursework
25 %,
Practical Exam
0 %
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| Additional Information (Assessment) |
Weekly tutorial homework 10%
Online quizzes 5%*
Group project (semester 1) 5%
Group project (semester 2) 5%
December Exam 25%
Degree Exam (force fail) 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.
* At the time of writing (early September 2021) we are still in discussions with University-level IT about data-protection issues for the online quizzes and there is a small chance that we will not be able to go ahead with them. If we cannot go ahead with them, then the weight which they would have received will be placed on the December exam so December would be worth 30%.
Resit Exam (August diet): 100%
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| Feedback |
Feedback on coursework will be provided three weeks after due date. |
| Exam Information |
| Exam Diet |
Paper Name |
Hours & Minutes |
|
| Main Exam Diet S1 (December) | | 1:30 | | | Main Exam Diet S2 (April/May) | | 3:00 | | | Resit Exam Diet (August) | | 3:00 | |
Learning Outcomes
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.
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Reading List
Required textbooks
- Frank & Cartwright, Microeconomics and Behaviour (2nd edition)
Suggested textbook (for maths)
- Renshaw, Maths for Economics (currently in 4th edition, but any edition will do) |
Additional Information
| Graduate Attributes and Skills |
See Learning Outcomes |
| Additional Class Delivery Information |
Three lectures per week, each lasting one hour. Weekly Economics tutorials in both semester 1 and 2. |
| Keywords | Not entered |
Contacts
| Course organiser | Dr Sean Brocklebank
Tel: (0131 6)50 6955
Email: Sean.Brocklebank@ed.ac.uk |
Course secretary | Miss Emma Craigen
Tel: (0131 6) 51 5936
Email: ecraigen@ed.ac.uk |
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