Preliminary Economic Analysis
- Module Code:
- Module Not Running 2020/2021
- FHEQ Level:
- Taught in:
- Term 1
The course consists of 15 lectures: an introductory lecture, followed by 7 lectures covering the basics of microeconomics, and 7 lectures covering the basics of macroeconomics. The main text is Economics (Lipsey and Chrystal, 2015, 13th edition), and additional reading is indicated where appropriate. The main textbooks used for the course are available on pdf files. The number of subjects covered is rather large, as the main aim of the course is to prepare students for the economic theory courses in the autumn and spring terms, which will cover the same topics in greater depth, There is no examination.
At the end of this part of the course, students should have:
- a good overview of basic microeconomic principles.
- a critical understanding of the importance of the key assumptions underlying microeconomic models.
- a good overview of basic theories of consumer behaviour.
- a good overview of basic theories of firm behaviour.
- an ability to analyse different market structures, including perfect competition, monopoly and various forms of imperfect competition.
- familiarity with the basic concepts of general equilibrium.
- a good overview of the key issues in welfare economics and issues of distribution.
- a good overview of basic macroeconomic principles, particularly national income accounting.
- a critical understanding of the importance of the key assumptions underlying macroeconomic models.
- a basic understanding of the short run determinants of national income, output and employment in closed and open economy settings.
- a basic understanding of the principles underlying the formulation and implementation of fiscal and monetary policy.
- a basic understanding of the determinants of economic growth in closed and open economy settings.
- a basic understanding of environmental issues in economic growth; thereby an introduction to the connection between microeconomics and macroeconomics.
Objectives and learning outcomes of the module
On successful completion of the course, students will be able to:
- a sound knowledge of basic fundamental concepts in economics.
- a good understanding of the critical assumptions in economic models.
- the ability to apply basic economic tools to describe different real-life circumstances.
Method of assessment
This course is not assessed.
- Lipsey, R and Chrystal, A (2011): Economics, 12th edition
- Rosser, M (2003): Basic Mathematics for Economists, 2nd edition