Module Directory

This module is designed to introduce and build an understanding of economics at the foundation level. The module covers basic but essential elements in microeconomics and macroeconomics. There is no assumption of any prior knowledge of economics or mathematics.

Microeconomics includes supply and demand, consumer and producer problems, and the market structure. On the other hand, macroeconomics includes aggregate economy, short-run economics fluctuations, macroeconomic policies and the open economy.

The aims of this module are:

• To introduce students to the main economic principles, theories and concepts at the foundation level.


• To introduce students to the main conclusions derived from economic analysis and develop students’ understanding of economic implications.


• To enable students to develop analytical skills using simple mathematics techniques and economic diagrams.

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

1. Define and discuss the main economic principles, theories and concepts at the foundation level.


2. Use relevant economic diagrams to support arguments or complement with the analysis.


3. Solve economic questions mathematically and interpret the results.


4. Apply and use the main economic models to explain case studies and real-life situations

Skills for your professional life (Transferable Skills)

By the end of this module, students will have been offered opportunities:

1. To improve your literacy and numeracy skills, particularly in the interpretation of Maths.


2. To develop your analytical and critical thinking skills by applying economics concepts to explain and evaluate real-world situations.


3. To develop your IT skills by learning to work in word processing software and presenting digital photos on Moodle.


4. To enhance your communication and teamwork skills in class discussions.


5. To develop your personal plan of setting targets and time management to undertake coursework and exam.

Syllabus

Autumn Term (Microeconomics)

• Introduction: What Is Economics? First Principles; Economic Models; Using Models.


• Supply and Demand: Construction of Demand and Supply Curves; Market Equilibrium; Price and Quantity Controls; Elasticity.


• The Consumer: Preference; Budgets and Optimal Consumption; Indifference Curve; Consumer Surplus; Making Decisions;


• The Producer: Inputs and Costs; Production Function; Perfect competition and the Supply Curve; Profit Maximisation; Competitive Market Equilibrium in the Short and Long Run.


• Market Structure: Non-Perfect Competition, Monopoly; Monopoly Profit Maximization; Regulation of Monopoly; Monopolistic Competition; Oligopoly.


• Externalities: Production, Consumption and Externalities. The Economics of Pollution; Policies towards Pollution.

Spring Term (Macroeconomics)

• Macroeconomics: Circular Flow of Income; National Income, Expenditure and Output.


• Short Run Economic Fluctuations: Income and Expenditure; the Multipliers; Aggregate Supply and Aggregate Demand (AS-AD) Model.


• Unemployment and Inflation: The Phillips Curve; Unemployment and Business Cycle; Long-run Economic Growth; Wage and Price Adjustment; Inflation, Disinflation and Deflation.


• Fiscal Policy: The Budget Balance; Fiscal Policy and the Multiplier; Long-run Implications of Fiscal Policy.


• Monetary Policy: Money and Banking; Determining the Money Supply; The Demand for Money; Money and Interest Rate; Monetary Policy and Aggregate Demand; Money, Output and Prices in the Long-run


• The Open-Economy Macroeconomics, Capital Flows and Balance of Payments; The role of Exchange Rate; Exchange Rate Policy.

Sustainable Education

Some topics taught in the Economics module lend themselves to the discussion on sustainability:

1. Food production and rising population via supply and demand analysis.


2. Economics of pollution and policies towards pollution.


3. Sustainable economic growth and sustainable energy resources.


4. Sustainable banks versus cryptocurrency.

This module will be delivered via:

• One 2-hour lecture per week, including interactive activities.
• One 2-hour class per week.

Teaching and learning on Essex Pathways modules offers students the ability to develop the foundation knowledge, skills, and competencies to study at the undergraduate level, through a curriculum that is purposely designed to provide an exceptional learning experience. All teaching, learning and assessment materials will be available via Moodle in a consistent and user-friendly manner.

The lecture will explain the topics covered in the syllabus and will identify the key concepts and points for discussion. The class aims to promote interaction among students, familiarise them with economic terminology and also identify any problems at the individual level. It also aims to provide the opportunity for students to work in pairs or as a group to discuss economic problems and apply economic theories to real-life examples.

Learning support

Summarised lecture material will be presented using PowerPoint and will be posted on Moodle on a weekly basis. These lecture notes will include chapter references from the required textbook. Class exercises will be published to students in advance to reinforce the material covered in lectures. Students will also be given exam-type questions/case studies to work on during the classes and encouraged to work in groups. Any queries that might arise during the classes will be addressed directly with the students.

Students will be encouraged to discuss and apply problem-solving skills on relevant economic topics. Students are encouraged to see the Module Leader and/or the tutor during the weekly academic support hours to discuss practical ways of making an improvement in learning Economics. Students can find all of this information on Moodle.