Understanding the Economy

Cod y Modiwl: AB13120
Teitl y Modiwl: Understanding the Economy
Blwyddyn Academaidd: 2027/2028
Semester: Semester 1
Cyd-gysylltydd y Modiwl: Dr Bruce Wight
Rhestr Ddarllen: Gweld ar Aspire
Staff Eraill sy'n Cyfrannu: Dr Kyriaki Remoundou; Dr Julie Jones; Professor Michael Christie; Dr Aloysius Igboekwu; Dr Sarah Lindop; Dr Maria Plotnikova; Ms Megan Williams; Mr Tim Bennett-Gillison; Professor Homagni Choudhury; Dr Mandy Talbot; Dr Wyn Morris; Dr Lyndon Murphy; Dr Shafiul Azam; Dr Jonathan Fry; Mrs Nerys Fuller-Love

Dulliau Asesu

Math o Asesiad	Manylion Asesiad	Cyfran
Asesiad Semester	Written essay: 1500 Words	40%
Arholiad Semester	Written Exam: 2 Awr	60%
Asesiad Ailsefyll	Written essay: 1500 Words	40%
Arholiad Ailsefyll	Written Exam: 2 Awr	60%

Canlyniadau Dysgu

Wedi cwblhau'r modiwl dylai'r myfyrwyr fedru:

Describe optimizing behaviour by households and firms, and explain how markets coordinate economic activity and produce equilibrium prices and quantities.
Assess the mutual benefit from trade between individuals and between countries.
Discuss the effects of alternative market structures and evaluate market outcomes for policy purposes.
Analyse the composition of the main macroeconomic aggregates, how they are measured and appreciate the various determinants of economic activity.
Relate the impact of changes in macroeconomic activity on the business sector.

Disgrifiad cryno

This module introduces the theoretical foundations of microeconomics and macroeconomics, the two main pillars of economics. Microeconomics involves the study of the individual components of the economy: individuals, families, firms, and their interactions. Macroeconomics involves the study of the behaviour of economic aggregates: consumption, expenditure, investment expenditure, gross domestic product, inflation and unemployment.

Cynnwys

• Introducing economics as a way of thinking, and the nature of economic reasoning
• Demand and supply, elasticity
• Markets in action
• Government intervention in markets
• The Tax System
• Measuring efficiency and equity
• Trade and Comparative Advantage
• Households’ choices, and consumer behaviour
• Short-run and long-run production and costs
• Perfect competition and monopoly
• The national economy, and measuring economic activity
• The determinants of macroeconomic activity
• Inflation, deflation and unemployment
• Aggregate demand and aggregate supply
• The long-run versus the short-run macroeconomic equilibrium

Sgiliau Modiwl

Math o Sgiliau	Manylion Sgiliau
Cyfathrebu	Develop written communication skills when submitting written coursework and in examinations. Listen effectively in lectures and participate in tutorial classes in preparation for assessments.
Datblygu personol a chynllunio gyrfa	Acquire critical self-reflection capacity to develop knowledge and communication skills relevant to career planning.
Datrys Problemau	Improve analytical skills to select and apply appropriate methods for solving set problems in tutorial classes and some lectures.
Gwaith Tim	Team working skills through self-study working groups.
Gwella dysgu a pherfformiad ei hun	Cultivate preferred learning styles through self-management; develop a structured approach to learning through efficient time management.
Rhifedd	Use mathematical reasoning and analysis to handle quantitative relationships and apply formulae underlying problems of consumer choice, cost analysis, elementary game theory, inflation-unemployment trade-offs, monetary and fiscal policies.
Sgiliau pwnc penodol	Develop knowledge and understanding of economics, including standard approaches to consumer decision-making, production theory, and firm strategies in different market contexts; and how an overall economy works in practice.
Sgiliau ymchwil	Develop library and other basic information accessing and researching skills, for use in writing coursework and for preparation for assessments.
Technoleg Gwybodaeth	Use word-processing software to prepare written work; use spreadsheet software to complete elements of tutorial questions; use e-mail and Blackboard for coursework submission and keeping in touch with the module.

Nodau

Mae'r modiwl hwn yn cydymffurfio a FfCChC Lefel 4