|Module Title||ECONOMIC PRINCIPLES AND SKILLS 1|
|Co-ordinator||Professor John Cable|
|Other staff||Mr Nicholas Perdikis|
|Co-Requisite||MA12610 (unless exempted)|
|Course delivery||Lecture||22 Hours|
|Seminars / Tutorials||10 Hours|
The module will help students acquire specific transferable skills. By attending lectures students will improve on their optimising behaviour by households and firms, the effects of alternative market structures, and the simple analysis of welfare maximisation. They will also have analysed notes. They will develop their ability to follow arguments and develop their logic and as a result improvie ont heir capacity to see and solve problems. Essay writing and class work will help them to acquire time management, teamwork and presentational skills. Their numeracy will be enhanced by handling quantitative relationships and formulae through use of the library and internet. The learning experience will encourage students to reflect on ideas and thoughts.
1.1 Supply and Demand
Demand. Supply. Market Equilibrium. Elasticity.
Frank & Bernanke Ch 4
Mankiw Chs 4-6
Sloman Chs 2, 3.1 and 3.2
Case et al Chs 4, 5
1.2 Evaluating Market Outcomes
Consumers' and Producers' Surpluses. Efficiency of Market Equilibrium. Welfare Effects of Taxes. Environmental Policy.
Frank & Bernanke Ch 7
Mankiw Chs 7-8
Sloman Ch 3
Case et al Chs 16, 18
1.3 International Trade
Comparative advantage: specialisation and the gains from trade. Welfare effects of international trade.
Tariffs and quotas. Arguments for protection.
Frank & Bernanke Ch 3
Mankiw Chs 3, 9
Sloman Ch 23
Case et al Ch 36
2. Macroeconomics (Nick Perdikis)
2.1 Macroeconomic Activity
Overview – measuring economic activity, welfare and GDP, the black economy, economic cycles and business
Frank & Bernanke Chs 17, 18
Mankiw Ch 22
Sloman Ch 13
Case et al Ch 21
2.2 The Determinants of Economic Activity
Short run aggregate demand and supply
The long run – physical and human capital, natural resources, productivity, the political and legal environment.
Frank & Bernanke Ch 20
Mankiw Chs 24
Sloman Ch 13, 22
Case et al Ch 21, 22
2.3 Unemployment and inflation
Definitions and measurement, causes and consequences, policies to alleviate unemployment and inflation
Frank & Bernanke Ch 19
Mankiw Chs 23, 26
Sloman Ch 13
Case et al Ch 22