EC106: Introduction to Economics

Mahnaz Nazneen
Module Leader

30 CATS - Department of Economics

Introduction

This module provides students who have a mathematical background with an introduction to both microeconomics and macroeconomics. It is taught using a combination of mathematical, analytical, and graphical tools, with the focus on providing an intuitive understanding of core economic theory, which will also include 鈥榬eal world鈥� applications.

Principal Aims

The module covers both microeconomics and macroeconomics and introduces students to a range of fundamental economic concepts and theories. It aims to equip students with a strong set of analytical skills through the use of mathematical, descriptive, and graphical methods of analysis, complementing the more quantitative approaches developed in their statistics and mathematics modules.

Principal Learning Outcomes

Demonstrate knowledge of economic behaviours, outcomes, trends, developments, phenomena, institutions and policies

Demonstrate the capacity for abstract reasoning and to simplify economic problems through the application of theoretical models

Demonstrate an understanding of key concepts, principles, theories and models in Economics

Demonstrate the capacity to interpret economic data and to use data to inform the selection and application of appropriate economic tools of analysis

Demonstrate the capacity to comment and facilitate in formulating economic policy

Syllabus

Term 1: Microeconomics, which is concerned with the behaviour of individual consumers and firms, and their interaction within markets. The module introduces key concepts and analytical tools used to understand consumer decision-making, production and costs, market equilibrium, and different market structures. It also examines strategic behaviour between firms and sources of market failure. Topics typically include consumer preferences and utility maximisation, consumer demand, producer theory, costs and production, market equilibrium, perfect competition, monopoly, oligopoly and game theory, and market failure, including externalities.

Term 2: Macroeconomics, which is concerned with the behaviour of the economy as a whole, including economic growth, unemployment, inflation, wages, and macroeconomic policy. The module introduces students to key macroeconomic models and policy debates relating to both domestic and global economies. Topics typically include long-run macroeconomic dynamics, the supply side of the economy, unemployment and real wages, inequality and supply-side institutions, aggregate demand and multiplier models, inflation and unemployment, macroeconomic stabilisation policy, and macroeconomic policy in an open and global economy.

果冻传媒

Department of Economics