The University of Southampton
Courses

# ECON1007 Statistics for Economics

## Module Overview

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. One of the pre-requisites for MATH2040, MATH3085, ECON1002, ECON1004, ECON2001, ECON2002, ECON2003, ECON2004, ECON2026 and ECON3016 Pre-requisite for ECON2036

### Aims and Objectives

#### Learning Outcomes

##### Learning Outcomes

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

### Syllabus

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 is based on lectures and tutorials, and students may also use interactive online resources listed on Blackboard..

TypeHours
Independent Study118
Seminar8
Lecture24
Total study time150

Excel software.

University of Southampton e books collection.

### Assessment

#### Assessment Strategy

The assessment in this module is by coursework in form of a problem set (10% of the mark), participation and performance in online quizzes in class (10%) and an end of semester examination (80%).

#### Summative

MethodPercentage contribution
Coursework 10%
Exam  (2 hours) 80%
Participation 10%

#### Repeat

MethodPercentage contribution
Exam 100%

#### Referral

MethodPercentage contribution
Exam 100%

#### Repeat Information

Repeat type: Internal & External

Pre-requisites: ECON1008 OR ECON1005

### Costs

#### 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

Recommended texts for this module may be available in limited supply in the University Library and students may wish to purchase reading texts as appropriate.

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.