AD1EEN: The Economic Environment

Module code: AD1EEN

Module provider: School of Agriculture, Policy and Development

Credits: 20

Level: Level 1 (Certificate)

When you'll be taught: Semester 1

Module convenor: Dr Cherry Law, email: t.law@reading.ac.uk

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: No

Talis reading list: No

Last updated: 20 May 2024

Overview

Module aims and purpose

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. 

Why do we see different prices for the same products? Why do governments put taxes on tobacco and alcohol? How do businesses decide how much to produce? Why do governments intervene to promote competition in the markets?  Why do we need environmental policy? What is interest rate and how does it affect us? Why do countries trade with each other? 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. 

Module learning outcomes

By the end of the module, it is expected that students will be able to: 

1. Describe basic microeconomic and macroeconomic principles and theories and apply key economic concepts to analyse real world problems at the individual, business, and country level 
2. Recognise how government policies and other real-world economic events may affect the livelihood of people and the economic conditions under which the businesses may operate 
3. Apply economic theories and tools to solve simple economics problems  
4. Demonstrate analytical and problem-solving skills, bringing logical, quantitatively orientated thinking to analysing economic concepts  

Module content

Topics covered will include the following: 

• 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.  
• Why governments intervene in markets, with a focus on market failure 
• The fundamentals of macroeconomics, including economic growth, business cycle, unemployment and inflation 
• How governments achieve macroeconomic objectives: demand- and supply-side policies  
• World economy: the economic theories behind international trade and the foreign exchange market 

Structure

Teaching and learning methods

This module draws on real-world examples from higher and lower-income countries across the globe, to illustrate economic concepts that are globally relevant. Lectures are supplemented with practical exercises designed to strengthen students’ understanding of theoretical and applied concepts and to develop their quantitative and analytical skills. The main text for the module is supported by an interactive e-learning environment with case studies and discussion boards to practise applying economic concepts to explain and address some of the key challenges at the individual, business, and society level. Students will test their knowledge each week through online multiple-choice quizzes.  

Study hours

At least 44 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• 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 three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

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

Reassessment

Additional costs