AP1EE3-Economics 1

Module Provider: Agr and Food Econ
Number of credits: 10 [5 ECTS credits]
Level:4
Terms in which taught: Autumn term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2020/1

Module Convenor: Prof Elizabeth Robinson

Email: e.j.robinson@reading.ac.uk

Type of module:

Summary module description:

In this module you will develop a basic understanding of microeconomic theory and its relevance to some of the key challenges facing society across the globe, and have an introduction of macro-economic principles. You will learn how to apply basic economic theories and tools to solve simple but relevant economic questions. Lectures will be supplemented with in-class participatory exercises designed to enhance your understanding and application of key concepts. The main text for the module is supported by an interactive e-learning environment with numerous practical exercises to develop understanding of economic principles and applications. 

Aims:

The module aims to provide an introduction to economics whereby students gain an understanding of key micro and macro economic principles and their relevance to some of the fundamental challenges facing society across the globe.

Assessable learning outcomes:

By the end of this course students should be able to:

• Describe basic microeconomic and macroeconomic principles and theories


• Apply these theories and principles to the consideration of economic problems


• Apply economic theories and tools to solve simple economic questions

Additional outcomes:

Analytical and problem solving skills will be developed. Business awareness skills will be developed in terms of students learning about the economic conditions under which businesses operate.

Outline content:

• What is economics


• Key Economic Challenges of Society


• Economic systems


• Markets and the forces of Supply and Demand


• Elasticity and Its Application


• Perfect competition and Monopoly


• Market Failure– Efficiency and Equity issues


• Markets and Government Intervention


• The National Economy


• Overview of Macroeconomic Issues

Brief description of teaching and learning methods:

Lectures will be supplemented with in-class participatory exercises & ‘games’ designed to enhance understanding of key concepts. The main text for the module is supported by an interactive e-learning environment with numerous practical exercises to develop understanding of economic principles and applications. The module has a blackboard site with key material for the module.

Contact hours:

	Autumn	Spring	Summer
Lectures	10
Practicals classes and workshops	10
Guided independent study:	80
Total hours by term	100	0	0
Total hours for module	100

Summative Assessment Methods:

Method	Percentage
Class test administered by School	100

Summative assessment- Examinations:

Summative assessment- Coursework and in-class tests:

Two class tests worth 50%* each (100% of final mark)

Formative assessment methods:

Penalties for late submission:

The Module Convenor will apply the following penalties for work submitted late:

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day[1] (or part thereof) following the deadline up to a total of five working days;
• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:
A mark of 40% overall

Reassessment arrangements:
By re-examination in August/September only

Additional Costs (specified where applicable):

Last updated: 30 September 2020