AP1EE4-The Economic Environment

Module Provider: School of Agriculture, Policy and Development
Number of credits: 20 [10 ECTS credits]
Level:4
Terms in which taught: Autumn / Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded: AP1EE1 Economics 2 and AP1EE3 Economics 1
Current from: 2023/4

Module Convenor: Dr Cherry Law
Email: t.law@reading.ac.uk

Module Co-convenor: Mr Jurgen Peci
Email: jurgen.peci@reading.ac.uk

Type of module:

Summary module description:

How do we know whether an advertising campaign will make economic sense? Why do we see brand proliferation for some products and not others? Why do some countries’ economies grow faster than others? Why do governments intervene in agricultural markets? Why do we need environmental policy? 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:

This module aims to introduce students to key microeconomic and macroeconomic concepts, and their relevance to some of the important challenges facing individuals, businesses, and societies across the globe.

Assessable learning outcomes:

By the end of the module students will demonstrate their core skills in the following areas:

• Describe basic microeconomic and macroeconomic principles and theories


• Apply key economic concepts to real world problems at the individual, business, and country level


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

Additional outcomes:

By the end of this module students will develop:

• Analytical and problem-solving skills, bringing logical, quantitatively orientated thinking to analysing economic concepts


• Business awareness skills in terms of the economic conditions under which businesses may operate


• Analytical writing skills

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, oligopoly, and monopolistic competition, and the economics of advertising


• The fundamentals of macroeconomics, including unemployment and inflation


• Growth: why some countries are rich while others are poor


• Trade: the economic rationale behind international trade


• Why governments intervene in economies, with a focus on market failure, environmental policy, competition policy and macroeconomic objectives.

Global context:

This module draws on examples from higher and lower-income countries across the globe, to illustrate economic concepts that are globally relevant. Content addressing long run growth is particularly relevant for lower-income countries; the early trade models emphasise trade between countries with key differences, such as location or resource endowments. Inflation is taught in the context of both the UK’s experiences over the past 50 years, and the experiences of countries such as Venezuela that have had to deal with hyperinflation.

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	20
Guided independent study:
Wider reading (independent)	10	10
Wider reading (directed)	10	10
Exam revision/preparation	10	10
Advance preparation for classes	10	10
Completion of formative assessment tasks	10	10
Revision and preparation	10	10
Group study tasks	10	10
Essay preparation	10	10
Total hours by term	100	100	0
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	60
Written assignment including essay	40

Summative assessment- Examinations:

A two-hour exam in the summer term

Summative assessment- Coursework and in-class tests:

One 800 word essay from a choice of 6 (Autumn)

Formative assessment methods:

A range of formative assignments, including multiple choice questions and excel exercises, to ensure students are keeping up with key concepts.

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:

40%

Reassessment arrangements:

By re-examination in August/September only

Additional Costs (specified where applicable):

1) Required text books: Required text books: Sloman, John, Alison Wride, and Dean Garratt. Economics. Pearson, 2021 (Ebook available from Library)

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: 30 March 2023