Undergraduate Course: Economics 1A (ECNM08005)
Course Outline
| School | School of Economics |
College | College of Humanities and Social Science |
| Credit level (Normal year taken) | SCQF Level 8 (Year 1 Undergraduate) |
Availability | Available to all students |
| SCQF Credits | 40 |
ECTS Credits | 20 |
| Summary | The 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 and looks in greater detail at the microfoundations of producer and consumer behaviour in competitive and monopoly settings, as well as welfare issues and problems posed by market failures. The second semester considers macroeconomic (aggregate, economy-wide) phenomena. It looks in greater depth at national income accounting, economic growth, money and inflation; labour markets and unemployment. Relevant mathematical techniques (e.g. solving linear equation systems, logs, basic calculus, maximization, difference equations) are developed and applied to economic contexts as an integral part of the course. The recommended textbooks are: Pindyck and Rubinfeld 'Microeconomics' (Pearson) and Mankiw 'Macroeconomics' (Palgrave). Learning-by-doing, through problem solving and project work, are an important ingredient of the course, with regular on-line tests to reinforce 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 Applications a more suitable alternative. Students who have not previously studied economics may find it useful to take Economic Principles and Applications alongside Economics 1A. |
| Course description |
Not entered
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | A background in mathematics beyond GCSE level is recommended. Students with a weaker maths background will need to be prepared to work at developing their maths skills. |
Information for Visiting Students
| Pre-requisites | None |
Course Delivery Information
| Not being delivered |
Learning Outcomes
After successful completion of this course the student will have knowledge and understanding of: supply & demand analysis of competitive markets - comparative statics; elasticities; and ability to apply analysis to e.g. goods and factor markets, taxes, regulation, international trade, and interacting markets. Cost curves and production functions; monopoly; consumer choice; competitive equilibrium and welfare; market failure. Economic growth, flex-price ('Classical') of closed and open macroeconomies, money and inflation, labour markets and unemployment.
Ability to apply basic mathematical techniques in economic contexts: manipulating & solving linear equation systems; functions and graphs; basic calculus (elasticities; maximization/minimization); difference equations.
General skills developed include: critical analysis and assessment; reasoning adaptably and systematically; problem-framing and problem-solving skills; numeracy and quantitative skills; obtaining and processing information from a variety sources; presentation and communication skills; interpersonal and group skills; computer and IT skills; independent action and initiative; managing tasks and time; coping with stress.
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Additional Information
| Graduate Attributes and Skills |
Not entered |
| Additional Class Delivery Information |
Weekly one and a half hour tutorials to be arranged in addition. |
| Keywords | Not entered |
Contacts
| Course organiser | Mr Sean Brocklebank
Tel: (0131 6)50 6955
Email: |
Course secretary | Ms Dawn Mcmanus
Tel: (0131 6)50 6946
Email: |
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