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MN12217: Introductory economics

[Page last updated: 23 October 2023]

Academic Year: 2023/24
Owning Department/School: School of Management
Credits: 10 [equivalent to 20 CATS credits]
Notional Study Hours: 200
Level: Certificate (FHEQ level 4)
Period:
Academic Year
Assessment Summary: EXOB 100%
Assessment Detail:
  • ES12008 Unseen written exam (EXOB 100%)
Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Requisites:
Learning Outcomes: By the end of this unit students should be able to:
  • Outline core concepts within economics
  • Explain and critically evaluate assumptions underlying economic models
  • Explain how core concepts in economics relate to the real world and to economic policy issues
  • Apply the concepts and principles of economics in the solution of economic problems and social dilemmas and to evaluate alternative public policies.
  • Plan, manage and reflect on students' own learning and practice.



Synopsis: You will be introduced to the methods of microeconomic and macroeconomic analysis, including the use of simple economic models and their application. You will learn to derive conclusions from simple economic models and evaluate their realism and usefulness. During this unit you will use micro and macroeconomic analysis both to describe and to appraise decisions, and acquire competency in the verbal, diagrammatic and basic mathematical concepts and techniques used in introductory economics.

Content: This content of this unit focuses on the relationship between economic models and the real world by providing a comprehensive introduction and overview of economics, including:

The problem of scarcity, choice, and externalities for the main economic actors (consumers, workers, firms); Analysis of different forms of markets; Aggregate Output, Inflation and Unemployment; Economic fluctuations and Macroeconomic policies in the short and the long run (e.g., fiscal policy, monetary policy, supply-side policies).

Course availability:

MN12217 is Compulsory on the following courses:

School of Management
  • UMMN-AFB10 : BSc(Hons) Accounting and Finance (Year 1)
  • UMMN-AKB10 : BSc(Hons) Accounting and Finance with work placement (Year 1)

Notes:

  • This unit catalogue is applicable for the 2023/24 academic year only. Students continuing their studies into 2024/25 and beyond should not assume that this unit will be available in future years in the format displayed here for 2023/24.
  • Courses and units are subject to change in accordance with normal University procedures.
  • Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.
  • Find out more about these and other important University terms and conditions here.