ECON1007 Statistics for Economics
All economics students, on both single and joint honours programmes, take this course. It is optional for students outside of economics. The module is designed to prepare students for the econometrics modules taken in second and third year. It also complements the economics modules taken in by students in first and second year. It provides an introduction to the topic of statistics, with reference to economics examples. It then covers more advanced topics leading up to regression analysis. The course content is as follows: describing data; probability; discrete random variables; continuous random variables; sampling; estimation; hypothesis testing; simple regression and multiple regression.
Aims and Objectives
To provide students with the basic ideas of probability and statistics required for the study of economics and related subjects. It uses the principles of statistics in applications drawn from economics, using the Microsoft Excel package for calculations.
Having successfully completed this module you will be able to:
- Use graphical and numerical methods to calculate and illustrate descriptive statistics
- Use the basic concepts of probability and Bayes Theorem
- Identify the statistical concepts in questions about economic models
- Use Excel to make basic statistical calculations and critically evaluate the basis for these calculations;
- Manipulate the probability models that are most widely used in economics, and apply them correctly and carry out the appropriate statistical analysis
- Identify the appropriate regression model to apply to an economics dataset
- Identify common problems which may affect regression analyses
1. Describing data 2. Probability 3. Discrete Random Variables 4. Continuous Random Variables 5. Sampling 6. Estimation 7. Hypothesis Testing 8. Simple Regression 9. Multiple Regression
Learning and Teaching
Teaching and learning methods
The course includes two lectures weekly. There are eight tutorials. Students may also use interactive online resources listed on Blackboard.
|Total study time||150|
Resources & Reading list
Statistics for Business and Economics.
Essential Mathematics for Economic Analysis.
Maths for Economics.
University of Southampton e books collection.
The assessment is by coursework and closed-book examination, the former accounting for 20% and the latter for 80%. Two pieces of coursework will each contribute 10% to your final mark.
|Exam (2 hours)||80%|
|Exam (2 hours)||100%|
Repeat type: Internal & External
To study this module, you will need to also study the following module(s):
|ECON1008||Mathematics for Economics|
Costs associated with this module
Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.
In addition to this, students registered for this module typically also have to pay for:
Books and Stationery equipment
There is no requirement to purchase a course textbook. There are plenty of e books available and hard copies in the Library. Students may purchase a textbook if they wish.
Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.