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

#### Module Aims

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.

#### 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 includes two lectures weekly. There are eight tutorials. Students may also use interactive online resources listed on Blackboard.

TypeHours
Independent Study118
Lecture24
Seminar8
Total study time150

Essential Mathematics for Economic Analysis.

University of Southampton e books collection.

Maths for Economics.

Excel software.

### Assessment

#### Assessment Strategy

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.

#### Summative

MethodPercentage contribution
Exam  (2 hours) 80%
Problem sets 20%

#### Referral

MethodPercentage contribution
Exam  (2 hours) 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

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.

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