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Full Year

Economics 1 (ECNM08013)

Subject

Economics

College

CAHSS

Credits

40

Normal Year Taken

1

Delivery Session Year

2023/2024

Pre-requisites

Course Summary

This calculus-based 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 course is primarily aimed at students who intend (or want to keep open the option) to progress to further study of economics. Other students are welcome, but may find Economic Principles and Applications a more suitable alternative.

Course Description

This calculus-based 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. The second semester looks at the theory of the firm and market structure, factor markets, externalities, the role of government and general equilibrium, with applications to monopoly and oligopoly, stock markets, property rights and public goods. Relevant mathematical techniques (e.g: Linear Equations & Their Graphs; Solving systems of equations; Derivatives and Differentiation; Optimisation; Functions of Two or More Variables; Basic Probability; Elasticity; Exponential and Logarithmic Functions; Compound & Continuous Growth; Calculus of Growth.) are developed and applied to economic contexts as an integral part of the course. The course is taught through a programme of lectures and tutorials. Learning-by-doing, through problem solving, is an important ingredient of the course, as part of 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. Other students are welcome, but may find Economic Principles and/or Economic Applications a more suitable alternative.

Assessment Information

Written Exam 75%, Coursework 25%, Practical Exam 0%

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