BSC N401 Accounting (Including Foundation Year),
BSC NN43 Accounting and Finance (Including Foundation Year),
BSC NN42 Accounting and Management (Including Foundation Year),
BSC N4L1 Accounting with Economics (Including Foundation Year),
BSC N391 Banking and Finance (Including Foundation Year),
BBA N104 Business Administration (Including Foundation Year),
BBA N104CO Business Administration (Including Foundation Year),
BSC N201 Business Management (Including Foundation Year),
BA L102 Economics (Including Foundation Year),
BSC L103 Economics (Including Foundation Year),
BSC LG18 Economics and Mathematics (Including Foundation Year),
BSC LL14 Economics and Politics (Including Foundation Year),
BSC L1G8 Economics with Mathematics (Including Foundation Year),
BSC N301 Finance (Including Foundation Year),
BSC GN18 Finance and Mathematics (Including Foundation Year),
BA L118 Financial Economics (Including Foundation Year),
BSC L117 Financial Economics (Including Foundation Year),
BSC N124 International Business and Entrepreneurship (Including Foundation Year),
BSC N124CO International Business and Entrepreneurship (Including Foundation Year),
BA L160 International Economics (Including Foundation Year),
BSC L161 International Economics (Including Foundation Year),
BSC N2N5 Management and Marketing (Including Foundation Year),
BA L190 Management Economics (Including Foundation Year),
BSC L191 Management Economics (Including Foundation Year),
BSC N505 Marketing (Including Foundation Year),
BSC N505CO Marketing (Including Foundation Year),
BA L0V2 Philosophy, Politics and Economics (Including Foundation Year),
BA LX14 Financial Economics and Accounting (Including Foundation Year),
BSC N347 Finance and Management (Including Foundation Year),
BA LX10 Business Economics (Including Foundation Year),
BSC N358 International Business and Finance (Including Foundation Year),
BA R113 Economics with Language Studies (Including Foundation Year),
BA LY13 Social Sciences (Including Foundation Year)
This module is designed to introduce and build an understanding of economics at the foundation level. The module covers basic but essential elements in microeconomics and macroeconomics. There is no assumption of any prior knowledge of economics or mathematics. Microeconomics includes supply and demand, consumer and producer problems, and the market structure. On the other hand, macroeconomics includes aggregate economy, short-run economics fluctuations, macroeconomic policies and the open economy.
The aims of the Economics module are to:
- Introduce students to the main economic principles, theories and concepts at foundation level
- Introduce students to the main conclusions derived from economic analysis and develop students’ understanding of economic implications
- Enable students to develop analytical skills using simple mathematics techniques and economic diagrams.
By the end of this module a student will be expected to be able to:
1. Define and discuss the main economic principles, theories and concepts at foundation level
2. Use relevant economic diagrams to support arguments or complement with the analysis
3. Solve economic questions mathematically and interpret the results
4. Apply and use the main economic models to explain case studies and real life situations
Syllabus
Microeconomics
1. Introduction: What Is Economics? First Principles; Economic Models; Using Models.
2. Supply and Demand: Construction of Demand and Supply Curves; Market Equilibrium; Price and Quantity Controls; Elasticity.
3. The Consumer: Preference; Budgets and Optimal Consumption; Indifference Curve; Consumer Surplus; Making Decisions;
4. The Producer: Inputs and Costs; Production Function; Perfect competition and the Supply Curve; Profit Maximisation; Competitive Market Equilibrium in the Short and Long Run.
5. Market Structure: Non-Perfect Competition, Monopoly; Monopoly Profit Maximization; Regulation of Monopoly; Monopolistic Competition; Oligopoly.
6. Externalities: Production, Consumption and Externalities. The Economics of Pollution; Policies towards Pollution.
Macroeconomics
1. Macroeconomics: Circular Flow of Income; National income, Expenditure and Output.
2. Short Run Economic Fluctuations: Income and Expenditure; the Multipliers; Aggregate Supply and Aggregate Demand (AS-AD) Model.
3. Unemployment and Inflation: the Phillips Curve; Unemployment and Business Cycle; Wage and Price Adjustment; Inflation, Disinflation and Deflation.
4. Fiscal Policy: the Budget Balance; Fiscal Policy and the Multiplier; Long-run Implications of Fiscal policy.
5. Monetary Policy: Money and Banking; Determining the Money Supply; The Demand for Money; Money and Interest Rate; Monetary Policy and Aggregate Demand; Money, Output and Prices in the Long-run
6. The Open-Economy Macroeconomics, Capital Flows and Balance of Payments; The role of Exchange Rate; Exchange Rate Policy.
Assessment
Formative assessment
Every student is expected to take a Moodle multiple-choice diagnostic test in economics in week 2. This will enable the Module Leader to assess each student's background in economics.
In week 6 every student is also expected to take an online Moodle mock test in economics. Students will have an opportunity to familiarise themselves with online assessments which will help them understand the marking criteria and reflect on their own work. Students' performance in this online Moodle mock test would also help tutor to identify if extra support is required.
Summative assessment
Online test 1 (40%) - The test questions will cover topics in microeconomics learnt in autumn term. The test format will be a combination of true or false , matching, drag and drop onto image, and short answer questions.
Online test 2 (50%) - The test questions will cover topics in macroeconomics learnt in spring term. The test format will be a combination of true or false, matching, drag and drop onto image, and short answer questions.
Participation (10%) - Participating in at least in one of the following activities:
- Academic support hours
- Moodle discussion forum
- Weekly Moodle quizzes
A timed exam during Summer Examination period - will include questions covering all topics taught in the module, and is designed so that students must choose questions from both microeconomics and macroeconomics areas of the module.
Reassessment strategy
Failed Exam - Resit the exam which is re-aggregated with existing coursework mark to create a new module aggregate.
Failed Coursework - Resit the exam which counts as coursework and is then re-aggregated with the existing exam mark to create a new module aggregate.
Failed Exam and Coursework - Resit the exam which will count as 100% exam mark. The exam will cover all the learning outcomes.
Teaching and learning on Essex Pathways modules offers students the ability to develop the foundation knowledge, skills, and competences to study at undergraduate level, through a curriculum that is purposely designed to provide an exceptional learning experience. All teaching, learning and assessment materials will be available to you via Moodle in a consistent and user-friendly manner.
This module is delivered using a ‘blended’ approach that involves a range of teaching methods. There will be four hours of directed teaching and learning per week over 22 weeks and each week’s instruction will consist of a mixture of live ‘synchronous’ and recorded ‘asynchronous’ delivery. In addition, there will be an expectation that students undertake the guided set-reading and research necessary for their modules.
Asynchronous Delivery
The asynchronous aspects of the delivery are an evolution of the traditional University lecture and primarily focus on the sharing of academic theory and concepts to ensure students develop a sound knowledge and understanding of the discipline and cultivate an appreciation of relevant and current research in the subject area. This material will be made available to students via Moodle and will usually include essential and further reading, pre-recorded knowledge casts and some online, interactive activities that can be undertaken independently. Unlike traditional, timetabled lectures, the asynchronous aspects of the blended delivery provide students with the freedom and flexibility to learn at their own time, pace and convenience, each week. To ensure students can take advantage of this flexibility, materials will be released to the students in good time. In order for the students to benefit the most from the timetabled seminars, it is essential that students complete the necessary directed and guided learning before the event.
Synchronous Delivery
The synchronous elements of the teaching and learning will follow the structure of traditional university seminars. These may be delivered either face to face, on campus, or remotely via electronic means. The seminars provide students the opportunity to apply, and reflect upon what they have learned from the asynchronous delivery and guided study, and aim to bring the knowledge and understanding ‘to life’ by relating it to current issues and practice. In seminars students will develop skills of application, analysis and problem solving through a variety of activities including quizzes, problem scenarios and essay-style questions. Whether students are attending seminars remotely, or on campus, these will be scheduled at a weekly set-time, for the duration of the module and will appear in the timetable.
- Krugman, Paul R.; Wells, Robin. (2018) Economics, New York: Worth Publishers.
- Krugman, Paul R.; Wells, Robin. (c2013) Economics, New York, NY: Worth Publishers.
The above list is indicative of the essential reading for the course. The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students. Further reading can be obtained from this module's reading list.