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DRPS : Course Catalogue : School of Economics : Economics

Postgraduate Course: Foundations of Economics (ECNM11086)

Course Outline
SchoolSchool of Economics CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 11 (Postgraduate) AvailabilityNot available to visiting students
SCQF Credits10 ECTS Credits5
SummaryThis course covers what one would encounter in a typical intermediate undergraduate economics course. It consists of two parts - a two-week block of microeconomics and a two-week block of macroeconomics. Topics to be covered in the first block (microeconomics) include consumption, production, uncertainty and strategic interaction. The topics in the second block (macroeconomics) cover the basics of national income and macroeconomic modelling; the determinants of long-run economic growth, inflation and unemployment; money and interest rates and the role and influence of economic policy.
Course description This course is designed to develop a solid understanding of the core economic models and insights from intermediate microeconomics and intermediate macroeconomics in a four-week period. The course is structured as a combination of daily lectures and tutorials (exercise classes) with extra reading to prepare for each class. The workload is heavy and consistent, both to cover the material and to adapt students to the pace of a graduate course. The material covered in the first block (microeconomics) includes the basics of consumer and producer theory, general equilibrium, intertemporal choice, game theory, and asymmetric information. In the second block (macroeconomics) students will discover how economies grow, why some countries have high inflation while others maintain stable prices, and why all countries have positive unemployment rates and sometimes experience recessions.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Co-requisites
Prohibited Combinations Other requirements None
Course Delivery Information
Academic year 2023/24, Not available to visiting students (SS1) Quota:  None
Course Start Flexible
Timetable Timetable
Learning and Teaching activities (Further Info) Total Hours: 100 ( Lecture Hours 51, Seminar/Tutorial Hours 36, Summative Assessment Hours 4, Programme Level Learning and Teaching Hours 2, Directed Learning and Independent Learning Hours 7 )
Assessment (Further Info) Written Exam 90 %, Coursework 10 %, Practical Exam 0 %
Additional Information (Assessment) Written Exams 90% (two exams, 45% each), Coursework 10% (two project, 5% each)
Feedback Not entered
No Exam Information
Learning Outcomes
On completion of this course, the student will be able to:
  1. demonstrate knowledge and understanding of core microeconomic principles and concepts such as opportunity cost, incentives, strategic thinking, marginal considerations, expectations and surprises, risk management etc.
  2. show understanding of the determinants of output, the analysis of economic growth, inflation and unemployment; money market; public sector debts and deficits; the role and influence of fiscal and monetary policy, and business cycles.
Reading List
Perfloff's Microeconomics with Calculus (2nd ed., ISBN: 1408269503),
N. Gottfries' 'Macroeconomics' (ISBN: 978-0230275973)
Additional Information
Graduate Attributes and Skills Not entered
Keywordsintermediate microeconomics,microeconomic modelling,intermediate macroeconomics,macroeconomic mo
Course organiserDr Tatiana Kornienko
Tel: 0131 650 8338
Course secretaryMs Grace Oliver
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