Module description
The module is designed to introduce and build an understanding of economics at foundation level and there is no assumption of prior knowledge of economics. Key areas of microeconomics and macroeconomics are covered, and models, concepts, and skills introduced that can be applied to real-world economic issues.
The first term begins with introduction to economics as a distinct field of study and the concerns and aims underpinning it. We then move to consider the economy at a micro level, building a picture of its inner workings around issues of supply and demand, competition under different market conditions, behavioural economics, wages and income distribution, market failure, and government intervention.
In the second term we aim to embed and extend this by turning to study economic systems at the national, international, and global level. Topics explored here include aggregate supply and demand, economic growth, inflation and unemployment, international trade, exchange rates, and globalisation.
The final part of the module introduces students to a range of contemporary economic challenges and debates in economic scholarship. Its aim is to demonstrate how the tools introduced through the rest of the module can be put to work in building a better understanding of complex real-world issues and inform responses accordingly.
Assessment details
Most modules are assessed through coursework and final examinations. In addition, some modules are assessed through presentations, seminars and essays.
Educational aims & objectives
- To provide you with an understanding of the main theoretical and functional areas of economics
- To develop an understanding of the key influences in the economic and social environment on the decision-making and behaviour of governments and organisations
- To introduce you to the main conclusions derived from economic analysis and develop your understanding of economic implications
- To ensure familiarity with some of the main sources of information and databases for the study of economics
- To increase your ability, with appropriate support, to take responsibility for your own learning
Learning outcomes
By the end of the module, students are expected to be able to demonstrate the intellectual, transferable and practicable skills appropriate to this level of module and in particular to:
- explain a range of core economic terms, concepts, and theories
- demonstrate an "economic approach" to problems and issues
- recognize the role of ethical values in economic decision-making and organisation
- apply the basic concepts and tools of economic analysis to real-life issues
Suggested reading list
During your course, you will be required to do a lot of reading. It is not necessary to purchase all books, but you should try and ensure you have access to the following:
- Stilwell, F. (2012) Political Economy: The Contest of Economic Ideas (Third Edition), Melbourne: Oxford University Press.
- Smith, P. and Dyer, S. (2019) OCR A Level Economics (Fourth Edition), London: Hodder Education.