IA106-3-FY-CO:
Introduction to Economics
2022/23
Essex Pathways
Colchester Campus
Full Year
Foundation/Year Zero: Level 3
Current
Thursday 06 October 2022
Friday 30 June 2023
30
14 April 2022
Requisites for this module
(none)
(none)
(none)
(none)
(none)
BSC N401 Accounting (Including Foundation Year),
BSC NN43 Accounting and Finance (Including Foundation Year),
BSC N4L1 Accounting with Economics (Including Foundation Year),
BSC N391 Banking and Finance (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),
BA LV18 History and 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 LG04 Economics with Data Science (Including Foundation Year),
BA LX10 Business Economics (Including Foundation Year),
BSC C149 Economics with Psychology (Including Foundation Year),
BA R113 Economics with Language Studies (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:
1. Introduce students to the main economic principles, theories and concepts at foundation level
2. Introduce students to the main conclusions derived from economic analysis and develop students’ understanding of economic implications
3. 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
Autumn Term (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.
Spring Term (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.
Skills for your professional life (Transferable Skills)
By the end of this module, you will have been offered opportunities:
1. To improve your literacy and numeracy skills particularly on interpretation of maths;
2. To develop your analytical and critical thinking skills by applying economics concepts to explain and evaluate real world situations:
3. To develop your IT skills by learning to work in word processing software and presenting digital photos on Moodle;
4. To enhance your communication and teamwork skills in class discussions
5. To develop your personal plan of setting targets and time management to undertake coursework and exam.
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 via Moodle in a consistent and user-friendly manner.
The module is delivered via a weekly 1 x 2-hour lecture, including interactive activities, followed by a 1 x 2-hour class.
The lecture will explain the topics covered in the syllabus and will identify the key concepts and points for discussion. The class aims to promote interaction among students, familiarise them with economic terminology and also identify any problems at individual level. It also aims to provide the opportunity for students to work in pairs or as a group to discuss on economic problems and apply economic theories to real life examples.
Learning support
Summarised lecture material will be presented using PowerPoint and will be posted on Moodle on a weekly basis. These lecture notes will include chapter references of the required textbook. Class exercises will be published to students in advanced to reinforce the material covered in lectures. Students will also be given exam type questions/case studies to work on during the classes and encouraged to work in groups. Any queries that might arise during the classes will be addressed directly with the students.
Students will be encouraged to discuss and apply problem-solving skills on relevant economic topics. Students are encouraged to see the Module Leader and/or the tutor during the weekly academic support hours to discuss practical ways of making an improvement in learning Economics. Students can find all of this information on Moodle.
This module does not appear to have a published bibliography for this year.
Assessment items, weightings and deadlines
| Coursework / exam |
Description |
Deadline |
Coursework weighting |
| Coursework |
Moodle Test 1 - Tuesday 29 November |
|
40% |
| Coursework |
Moodle Test 2 |
|
50% |
| Coursework |
Participation |
|
10% |
| Exam |
Main exam: Remote, Open Book, 180 minutes during Summer (Main Period)
|
| Exam |
Reassessment Main exam: Remote, Open Book, 180 minutes during September (Reassessment Period)
|
Additional coursework information
Formative assessment
Every student is expected to take a Moodle diagnostic test in economics by the end of week 4. This will enable the Module Leader to assess each student's background in economics.
There will be four Moodle mock tests that are releasing in stages leading up to the summative tests. These mock tests will help students to familiarise with the question format and level of difficulty similar to those in the summative tests. Students are encouraged to complete each mock test in specified period in order to spread their workload over the term. They will have opportunity to submit the mock tests and receive formative feedback and marks if submitting the mock tests by given deadlines. Any students who missed the submission deadlines of these mock tests would still have an access to mark schemes and solutions to study in their own time. This is part of students' self-evaluation mechanism and a way for the tutor to identify if extra support is required.
Summative assessment
A two-hour Moodle Test 1 (20%) - the test questions will cover topics in microeconomics learnt in autumn term. The test format will be a combination of MCQ, true or false statements, short answer questions and filling up missing answers or values.
A two-hour Moodle Test 2 (25%) - the test questions will cover topics in macroeconomics learnt in spring term. The test format will be a combination of MCQ, true or false statements, short answer questions and filling up missing answers or values.
Participation (5%) - participating in Moodle economics discussion forum. There will be five topics posted on the forum across the year. The discussion should be drawn to personal experience and linked with economic theories.
A three-hour Moodle timed examination (50%) - the exam includes questions covering all topics taught in the module. The exam format will be a combination of true or false statements, short answer questions and filling up missing answers or values. The exam covers 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 mark.
Failed Coursework - Resit the exam which counts as coursework and is then re-aggregated with the existing exam mark to create a new module mark.
Failed Exam and Coursework - Resit the exam which will count as 100% exam mark. The exam will cover all the learning outcomes.
Exam format definitions
- Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
- In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
- In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
- In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary,
for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.
Your department will provide further guidance before your exams.
Overall assessment
Reassessment
Module supervisor and teaching staff
Dr Anyarath Kitwiwattanachai, email: akitwi@essex.ac.uk.
Dr Anyarath Kitwiwattanachai
Helen Hearn (hhearn@essex.ac.uk or 01206 872842)
No
No
No
Miss Jan O'Driscoll
University of Chester
Dean of Lifelong Learning and Director of Foundation Years
Available via Moodle
Of 224 hours, 210 (93.8%) hours available to students:
10 hours not recorded due to service coverage or fault;
4 hours not recorded due to opt-out by lecturer(s), module, or event type.
Essex Pathways
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