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: only available to students taking BSc Food Science with Business (3 and 4 year)
Co-requisites:
Modules excluded: AP1EE4 The Economic Environment
Current from: 2021/2

Module Convenor: Prof Elizabeth Robinson
Email: e.j.robinson@reading.ac.uk

Type of module:

Summary module description:

Introducing economics: What is economics and key economic challenges of society•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•Macroeconomic Issues. These are some of the topics that we will address, whilst developing a basic understanding of key economic concepts, and their relevance to some of the key challenges facing individuals, businesses, and societies across the globe.

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 key economic concepts to real world problems


• Apply economic theories and tools to solve simple economic questions, using excel spreadsheets and graphs

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:

Topics covered will include the following:

• Fundamentals of economics: what is economics and key societal challenges that economics can address


• Supply and demand and how prices are determined


• Different market structures including perfect competition, monopoly


• Why governments intervene in economies


• The fundamentals of macroeconomics, including unemployment and inflation

Brief description of teaching and learning methods:

Lectures are supplemented with in-class participatory exercises and ‘games’ designed to enhance understanding of theoretical and applied 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. Students will test their knowledge each week through online multiple choice quizzes.

Contact hours:

	Autumn	Spring	Summer
Lectures	20
Guided independent study:	80
Total hours by term	100	0	0
Total hours for module	100

Summative Assessment Methods:

Method	Percentage
Written exam	50
Written assignment including essay	50

Summative assessment- Examinations:

A two hour exam in the summer term

Summative assessment- Coursework and in-class tests:

A 1200 word essay worth 50%

Formative assessment methods:

Penalties for late submission:

The Support Centres 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 (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):

1) Required text books:  None

2) Specialist equipment or materials:  None

3) Specialist clothing, footwear or headgear:  None

4) Printing and binding:  None

5) Computers and devices with a particular specification:  None

6) Travel, accommodation and subsistence:  None

Last updated: 28 March 2022