Introduction to economic analysis
- Module Code:
- Year of study:
- Year 1
- Taught in:
- Full Year
This is a first year module covering both microeconomics and macroeconomics. In the first term, a microeconomic viewpoint is taken to first consider the general problem of how societies organise production and allocate resources to ensure their material survival over time. Then the module introduces economic techniques for analysing the interactions of consumers and firms in a market economy and the influence of government on these. In the second term the module takes a macroeconomic view analyse and evaluate employment, inflation, interest rates, the balance of payment and economic growth. Emphasis is given to applications of these ideas in the main to the UK economy and where appropriate to other countries around the world.
Introduction to Economic Analysis is a compulsory core module for all students studying economics.
Objectives and learning outcomes of the module
On successful completion of the course, students will be able to:
- Identify the analytical techniques used by economists and compare their relative merits
- Discuss how societies organise production and allocation of resources over time using simple models of circular flow
- Analyse how consumers, firms and government at the microeconomic level behave and interact through the lenses of neoclassical theory and game-theoretic strategic interaction
- Assess how analysis is used to illustrate employment, inflation, interest rates and the balance of payments and growth at the macroeconomic level
Method of assessment
Assessment weighting: Exam 80% / Coursework 20%. Resubmission of coursework regulations do not apply to this course.
- Lipsey, R. and A. Chrystal. 2015. Economics. 13th ed. Oxford: Oxford University Press.
- Foley, D. 2004. Adam’s Fallacy: A Guide to Economic Theology. Cambridge, MA: Harvard University Press.