The University of Southampton
Courses

ECON1009 Introduction to Economics For Non-Economists

Module Overview

This module introduces economic principles, theories, and methods of analysis, providing a framework for the application of economic theory to real-world problems. The first part focuses on microeconomic aspects and analyses how fundamental economic concepts may be used to aid decision-making, guide behaviour, and understand aspects of the economic world around us. The second part focuses on macroeconomic aspects looking at the wider economy and concepts such as economic growth, inflation, unemployment and the financial crises. This part examines the economic performance of nations and uses economic theory to explain the progress of economies. No prior knowledge of economics is required.

Aims and Objectives

Module Aims

The module introduces economic principles, theories and methods of analysis, providing a framework for the application of economic theory to real-world problems. The first part (first seven weeks) focuses on microeconomic aspects and analyses how fundamental economic concepts may be used to aid decision-making, guide behaviour, and understand aspects of the economic world around us. The second part (last five weeks) focuses on macroeconomic aspects looking at the wider economy and concepts such as economic growth, inflation and unemployment. This part examines the economic performance of nations and uses economic theory to explain the progress of economies.

Learning Outcomes

Learning Outcomes

Having successfully completed this module you will be able to:

  • Critically evaluate the assumptions and limitations of the economic theories and arguments presented in class
  • Identify the relevant economic concept that needs to be used in the analysis of particular economic problems, drawing on and combining the concepts presented in lectures and classes
  • Apply economic theory to real-world problems

Syllabus

The following main topics will be covered in this module: Part 1: - The capitalist revolution and innovation - Decision making and scarcity I (individual decision making etc) - Strategy and cooperation (social dilemmas, bargaining) - Institutions: Property, contract and power - The labour market and the firm - Management and the firm – Organisation and Innovation - Market structure - Market dynamics - Market successes and failures Part 2: - National income and the standard of living - Aggregate demand and aggregate supply - Consumption - Investment - Fiscal policy - Monetary policy - Economic growth and fluctuations - Unemployment and Inflation - The financial crisis

Learning and Teaching

TypeHours
Teaching32
Independent Study118
Total study time150

Assessment

Assessment Strategy

Assessment is 20% based upon two assessed problem sets and 80% based upon a final exam.

Summative

MethodPercentage contribution
Coursework 20%
Exam  (2 hours) 80%

Referral

MethodPercentage contribution
Exam 100%

Repeat Information

Repeat type: Internal & External

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