In this module, you are introduced to the techniques of model building and analytical reasoning used in microeconomics. Some of these techniques are then used as an input into the analysis of economics at the macroeconomic level. In the early phase of the module, youare taught about microeconomic models and explore the application of these models, to current economic issues. Whilst, in the later phase, you learn about the main macroeconomic aggregates, the basic model of aggregate demand and supply and the importance of the time horizon in macroeconomics.
Throughout the course, there is an emphasis on highlighting and considering the pros and cons of the suggested solutions to real problems faced by market economies.
On completion of the course the student should be able:
Workshops will provide an introduction to the main concepts and demonstrate their use. Periodically, they will also discuss problem sets issued in advance of workshops. As well as reinforcing and deepening understanding of the module topics, workshops will also highlight relevant applications. Outside of the classroom, students will be expected to read recommended materials and prepare for any assigned tasks in preparation for the workshops. Where available, the use of appropriate software for learning micro and macroeconomics may be encouraged directly or through the companion module 'Becoming an Economist'.
Definitive UNISTATS Category | Indicative Description | Hours |
---|---|---|
Scheduled learning and teaching | Workshop | 66 |
Guided independent study | General independent study and exam revision | 234 |
Total (number of credits x 10) | 300 |
Two seen tests - both comprising problem sets issued in advance and written in class - provide formative and summative assessment. These assess the ability of students to understand and use basic micro and macroeconomic reasoning in simple situations. In both cases, students will receive a mark and feedback and be allowed to then submit their revised responses. These submissions will receive additional marks according to value added. This will help students to pay attention to and react to feedback, improve their technique and use the guidance received as an input into exam preparation.
The two hour exam is a summative, assessment of the achievement of students over the full range of learning outcomes and subject coverage.
Learning Outcome | Assessment Strategy |
---|---|
1) To demonstrate their ability to construct simple microeconomic and macroeconomic models, showing the use of appropriate geometric and algebraic techniques; | Two seen tests (F/ S), examination (S). |
2) To understand and explain microeconomic concepts and how markets interact to generate macroeconomic outcomes; | Two seen tests (F/S), examination (S). |
3) To recognize the use of microeconomic and macroeconomic models in the analysis of current economic issues in the popular media and provide supplementary insights. | Two seen tests (F/S), examination (S) |
Description of Assessment | Definitive UNISTATS Categories | Percentage |
---|---|---|
Written Exam | One hour in class test in TB1 | 30 |
Written Exam | One hour in class test in TB2 | 30 |
Written Exam | 2 hour unseen examination | 40 |
Total (to equal 100%) | 100% |
It IS NOT a requirement that any major assessment category is passed separately in order to achieve an overall pass for the module.
The CORE Team (2017). The Economy, Oxford: Oxford University Press. Free online access at: https://www.core-econ.org/the-economy/
Krugman, P., R. Wells and K.Graddy (2013). Economics: International Edition, New York: Worth Publishers.
Mankiw, N.G. and M.P.Taylor (2010). Economics, Andover: South-Western.
McDowell, M., R. Thom, I. Pastine, R. Frank, and B. Bernanke (2012). Principles of Economics, Maidenhead: McGraw-Hill.
O'Sullivan, A, S. Sheffrin and S. Perez (2008). Microeconomics: Principle and Tools, New Jersey: Pearson.
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