EC100-Introduction to Economics

Module Provider: School of Politics, Economics and International Relations
Number of credits: 10 [5 ECTS credits]
Level:4
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded: EC113 Introductory Microeconomics or EC114 Introductory Macroeconomics or IC103 Introductory Economics for Business and Finance
Current from: 2022/3

Module Convenor: Dr Maria Asensio
Email: m.j.asensio@reading.ac.uk

Type of module:

Summary module description:

The module covers a range of economic issues each of which is explained, analysed and discussed with applications relevant to the real world. The application of economics to contemporary issues illustrates how economic analysis and models can be used to understand the different parts of the economy and to inform and evaluate policy interventions that support a range of different economic outcomes.

The module will enhance student’s analytical skills.

Aims:

The module aims to provide a basic introduction to economic actors and markets within a framework  that illuminates reasons for public policy interventions.

Assessable learning outcomes:

The module emphasises the understanding of economic principles and key tools of analysis.  Upon completion of the module, students should be able to understand how economics helps to address major policy challenges and debates, and how economists use the toolbox (models, data and narrative) to explain real-world phenomena.  The module will enhance students’ analytical skills.

Additional outcomes:

The module will assist students in developing an overall awareness of the workings of the economy, the operation of economic policy and their significance on business decisions and outcomes. The module will enhance students' analytic skills.

Outline content:

• Capitalism and democracy: Affluence, inequality, and the environment


• Social interactions and economic outcomes


• Public policy for fairness and efficiency


• Modelling individual choices and interactions


• The Firm: Employees, managers and owners


• Market successes and failures


• Firms and markets for goods and services


• The labour market and the product market: wages, profits andunemployment


• The credit market: Borrowers, lenders, and the rate of interest


• Banks, money, housing, and financial assets

Brief description of teaching and learning methods:

Lectures, tutorials, web-based learning and guided independent study.

Contact hours:

	Autumn	Spring	Summer
Lectures		20	2
Tutorials		5
Guided independent study:
Wider reading (directed)		3
Exam revision/preparation			15
Advance preparation for classes		20
Preparation for tutorials		5
Revision and preparation		20
Reflection		10
Total hours by term	0	83	17
Total hours for module	100

Summative Assessment Methods:

Method	Percentage
Written exam	60
Set exercise	40

Summative assessment- Examinations:

One two-hour examination in the summer term, counting towards 60% of the final module mark.

Summative assessment- Coursework and in-class tests:

Coursework has a total weight of 40% in the final mark for this module. It will comprise of one test.

Formative assessment methods:

Weekly quizzes will help students to check their understanding of the topics.

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: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/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 minimum overall mark of 40%.

Reassessment arrangements:

Re-examination for Part 1 modules takes place in August/September of the same year.

Reassessment is by examination only (coursework will not be included in the re-assessment).

Additional Costs (specified where applicable):

1) Required text books: https://www.core-econ.org/espp/  Free- online

2) Specialist equipment or materials: 

3) Specialist clothing, footwear or headgear: 

4) Printing and binding: 

5) Computers and devices with a particular specification: 

6) Travel, accommodation and subsistence: 

Last updated: 22 September 2022