EC111-4-FY-CO:
Introduction to Economics

The details
2023/24
Economics
Colchester Campus
Full Year
Undergraduate: Level 4
Current
Thursday 05 October 2023
Friday 28 June 2024
30
24 October 2023

 

Requisites for this module
(none)
(none)
(none)
EC101

 

BE312, BE314, BE317, BE334, BE610, EC115, EC120, EC201, EC202, EC203, EC209, EC245, EC246, EC247, EC261, EC262, EC335, EC386, EC831

Key module for

BSC N420 Accounting and Finance,
BSC N422 Accounting and Finance (Including Placement Year),
BSC NN43 Accounting and Finance (Including Foundation Year),
BSC NNK3 Accounting and Finance (Including Year Abroad),
MACCN440 Accounting and Finance,
MACCN441 Accounting and Finance (Including Placement Year),
MACCN442 Accounting and Finance (Including Year Abroad),
BSC N4L1 Accounting with Economics (Including Foundation Year),
BSC NKL1 Accounting with Economics (Including Year Abroad),
BSC NL41 Accounting with Economics,
BSC NL44 Accounting with Economics (Including Placement Year),
BSC N233DT Actuarial Science (Including Placement Year),
BSC N323DT Actuarial Science,
BSC N390 Banking and Finance,
BSC N391 Banking and Finance (Including Foundation Year),
BSC N392 Banking and Finance (Including Placement Year),
BSC NH90 Banking and Finance (Including Year Abroad),
BA 0F66 Economics (Including Placement Year),
BA L100 Economics,
BA L102 Economics (Including Foundation Year),
BA L106 Economics (Including Year Abroad),
BSC 0E45 Economics (Including Placement Year),
BSC L101 Economics,
BSC L103 Economics (Including Foundation Year),
BSC L107 Economics (Including Year Abroad),
MECNL130 Economics,
MECNLA30 Economics (Including Placement Year),
MECNLA31 Economics (Including Year Abroad),
BSC L1G2 Economics and Mathematics (Including Placement Year),
BSC LG11 Economics and Mathematics,
BSC LG18 Economics and Mathematics (Including Foundation Year),
BSC LG1C Economics and Mathematics (Including Year Abroad),
BSC LL14 Economics and Politics (Including Foundation Year),
BSC LL2F Economics and Politics,
BSC LL3F Economics and Politics (Including Year Abroad),
BSC LL4F Economics and Politics (Including Placement Year),
BSC L1G1 Economics with Mathematics,
BSC L1G3 Economics with Mathematics (Including Placement Year),
BSC L1G8 Economics with Mathematics (Including Foundation Year),
BSC L1GC Economics with Mathematics (Including Year Abroad),
BSC N300 Finance,
BSC N301 Finance (Including Foundation Year),
BSC N302 Finance (Including Year Abroad),
BSC N304 Finance (Including Placement Year),
BSC GN13 Finance and Mathematics,
BSC GN15 Finance and Mathematics (Including Placement Year),
BSC GN18 Finance and Mathematics (Including Foundation Year),
BSC GN1H Finance and Mathematics (Including Year Abroad),
BA 5A84 Financial Economics (Including Placement Year),
BA L111 Financial Economics,
BA L118 Financial Economics (Including Foundation Year),
BA L195 Financial Economics (Including Year Abroad),
BSC 0Q64 Financial Economics (Including Placement Year),
BSC L114 Financial Economics,
BSC L117 Financial Economics (Including Foundation Year),
BSC L194 Financial Economics (Including Year Abroad),
MECNL131 Financial Economics,
MECNLB31 Financial Economics (Including Placement Year),
MECNLB32 Financial Economics (Including Year Abroad),
BA LV11 History and Economics,
BA LV18 History and Economics (Including Foundation Year),
BA V1L1 History and Economics (Including Placement Year),
BA VL11 History and Economics (Including Year Abroad),
BA L900 International Development,
BA L901 International Development (Including Year Abroad),
BA L902 International Development (Including Placement Year),
BA L921 International Development (Including Foundation Year),
BA 9O47 International Economics (Including Placement Year),
BA L115 International Economics,
BA L160 International Economics (Including Foundation Year),
BA L163 International Economics (Including Year Abroad),
BSC 5H18 International Economics (Including Placement Year),
BSC L116 International Economics,
BSC L161 International Economics (Including Foundation Year),
BSC L162 International Economics (Including Year Abroad),
MECNL132 International Economics,
MECNLC32 International Economics (Including Placement Year),
MECNLC33 International Economics (Including Year Abroad),
BA 9L11 Management Economics (Including Placement Year),
BA L108 Management Economics,
BA L190 Management Economics (Including Foundation Year),
BA L192 Management Economics (Including Year Abroad),
BSC 5M00 Management Economics (Including Placement Year),
BSC L109 Management Economics,
BSC L191 Management Economics (Including Foundation Year),
BSC L193 Management Economics (Including Year Abroad),
MECNL133 Management Economics,
MECNL134 Management Economics (Including Placement Year),
MECNL135 Management Economics (Including Year Abroad),
BA L0V0 Philosophy, Politics and Economics,
BA L0V1 Philosophy, Politics and Economics (Including Placement Year),
BA L0V2 Philosophy, Politics and Economics (Including Foundation Year),
BA L0VA Philosophy, Politics and Economics (Including Year Abroad),
BA L147 Financial Economics and Accounting (Including Placement Year),
BA L148 Financial Economics and Accounting,
BA L149 Financial Economics and Accounting (Including Year Abroad),
BA LX14 Financial Economics and Accounting (Including Foundation Year),
BA L1R0 Economics with a Modern Language,
BSC LG01 Economics with Data Science,
BSC LG02 Economics with Data Science (Including Year Abroad),
BSC LG03 Economics with Data Science (Including Placement Year),
BSC LG04 Economics with Data Science (Including Foundation Year),
BSC N344 Finance and Management,
BSC N345 Finance and Management (Including Year Abroad),
BSC N346 Finance and Management (Including Placement Year),
BSC N347 Finance and Management (Including Foundation Year),
BA LN10 Business Economics,
BA LN11 Business Economics (Including Year Abroad),
BA LN12 Business Economics (Including Placement Year),
BA LX10 Business Economics (Including Foundation Year),
BSC C814 Psychology with Economics,
BSC C815 Psychology with Economics (Including Year Abroad),
BSC C816 Psychology with Economics (Including Placement Year),
BSC C817 Psychology with Economics (Including Foundation Year),
BA C841 Economics with Psychology,
BA C851 Economics with Psychology (Including Year Abroad),
BA C861 Economics with Psychology (Including Placement Year),
BSC C148 Economics with Psychology,
BSC C149 Economics with Psychology (Including Foundation Year),
BSC C158 Economics with Psychology (Including Year Abroad),
BSC C168 Economics with Psychology (Including Placement Year),
BA R112 Economics with Language Studies,
BA R113 Economics with Language Studies (Including Foundation Year),
BA LY10 Social Sciences,
BA LY11 Social Sciences (Including Placement Year),
BA LY12 Social Sciences (Including Year Abroad),
BA LY13 Social Sciences (Including Foundation Year)

Module description

This module provides a broad overview of economics suitable as an introduction to the subject for all undergraduates. It is designed to develop students' knowledge of economic ideas in the context of contemporary issues using the tools of elementary economic analysis. Students are shown how to apply economic reasoning to a range of problems relevant for understanding the mechanisms and institutions that allocate and distribute resources.


In the Autumn Term theories of individual (micro) behaviour are introduced, including consumer decision-making as well as firms' conduct in different market structures. In the Spring Term the focus shifts to the study of aggregate (macro) level economic activity: inflation, unemployment, business cycles and economic growth. The national economy is analysed in a global environment that includes international trade, monetary and financial systems. The effects of government policy and the choice of those policies is analysed throughout the module.

Module aims

The aims of this module are:



  • To provide a broad overview of economics suitable as an introduction to the subject for all undergraduates.

  • To give students a basic understanding of the key ideas in economics, and to apply these to explain contemporary issues in the news and policymaking.

  • To serve as a foundation on which later modules will build, allowing students to progress to specialist subjects in later years.

Module learning outcomes

By the end of this module, students will be expected to be able to:



  1. Apply elementary economic principles to the analysis of problems in microeconomics and macroeconomics.

  2. Apply marginal analysis to demonstrate knowledge of economic decision making and the relevance of opportunity costs.

  3. Complete the assignments and tests, demonstrating their problem-solving analytical and deductive skills.


Skills for your Professional Life (Transferable Skills)



  1. Academic skills: literacy, numeracy, communication;

  2. Professional working skills: adaptability; flexibility, decision-making;

  3. External awareness: economic and business environment and policy;

  4. Personal development planning: Time management, self management, reflection and evaluation.

Module information

No additional information available.

Learning and teaching methods

The module will be delivered via:

  • One 2-hour lecture per week, weeks 2-11, 16-25.
  • One class per week, weeks 3-11, 16-25, 30.

Bibliography

The above list is indicative of the essential reading for the course.
The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students.
Further reading can be obtained from this module's reading list.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Coursework weighting
Coursework   Autumn Midterm on MOODLE - Thursday 30th November 2023, 6pm-8pm    50% 
Coursework   Spring Midterm on MOODLE - Thursday 14th March 2024, 6pm-8pm    50% 
Exam  Main exam: In-Person, Open Book, 180 minutes during Summer (Main Period) 
Exam  Reassessment Main exam: In-Person, Open Book, 180 minutes during January 
Exam  Reassessment Main exam: In-Person, Open Book, 180 minutes during September (Reassessment Period) 

Exam format definitions

  • Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
  • In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
  • In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
  • In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary, for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.

Your department will provide further guidance before your exams.

Overall assessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark IF Coursework Mark is a pass or better

Reassessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark IF Coursework Mark is a pass or better

Module supervisor and teaching staff
Dr Lukas Altermatt, email: l.altermatt@essex.ac.uk.
Prof Gianluigi Vernasca, email: gvern@essex.ac.uk.
Lectures: Prof Gianluigi Vernasca (Autumn) & Dr Lukas Altermatt (Spring) / Classes: various teachers
For further information, send an email message to ueco@essex.ac.uk.

 

Availability
Yes
Yes
No

External examiner

Mr Georgios Papadopoulos
Resources
Available via Moodle
Of 172 hours, 170 (98.8%) hours available to students:
0 hours not recorded due to service coverage or fault;
2 hours not recorded due to opt-out by lecturer(s), module, or event type.

 

Further information
Economics

Disclaimer: The University makes every effort to ensure that this information on its Module Directory is accurate and up-to-date. Exceptionally it can be necessary to make changes, for example to programmes, modules, facilities or fees. Examples of such reasons might include a change of law or regulatory requirements, industrial action, lack of demand, departure of key personnel, change in government policy, or withdrawal/reduction of funding. Changes to modules may for example consist of variations to the content and method of delivery or assessment of modules and other services, to discontinue modules and other services and to merge or combine modules. The University will endeavour to keep such changes to a minimum, and will also keep students informed appropriately by updating our programme specifications and module directory.

The full Procedures, Rules and Regulations of the University governing how it operates are set out in the Charter, Statutes and Ordinances and in the University Regulations, Policy and Procedures.