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2019/20 Undergraduate Module Catalogue

LUBS1951 Economic Theory and Applications

30 creditsClass Size: 425

Module manager: Peter Hughes

Taught: Semesters 1 & 2 View Timetable

Year running 2019/20

This module is mutually exclusive with

LUBS1940Economics for Management
LUBS1952Economic Theory and Applications for Finance

Module replaces

LUBS1950 Economic Theory and Applications 1

This module is not approved as a discovery module

Module summary

This module gives an introduction to the economic understanding of the world of individual choice, business behaviour, national level economic systems and government economic policy. This module will introduce economic models and understanding of relevant data to understand economic issues. This module also introduces Microsoft Excel skills allowing for basic data manipulation and analysis.


This module aims to introduce and assess the concepts of microeconomics and macroeconomics and explore the application of these theories to issues and problems of consumption, production, exchange as well as output, employment, inflation and investment. The module will also introduce data analysis using software like Microsoft Excel to help understand and solve economic problems.

Learning outcomes
Upon completion of this module students will be able to:
- Explain the microeconomic concepts of consumption, production, exchange and efficiency
- Explain the macroeconomic concepts of output, employment, inflation and investment
- Use models in microeconomics and macroeconomics to examine the partial equilibrium consequences of changes in the economy
- Apply these models to resolve economic problems
- Apply data analysis in Microsoft Excel to understand economic problems


Indicative content:
- Microeconomic analysis of a pure exchange economy using indifference curve analysis and the Edgeworth-Bowley box framework
- Concepts of scarcity, preference and choice, demand, supply, exchange, and equilibrium prices using these tools
- Production and supply in a production economy in partial equilibrium
- Pareto optimality and market failure in a general equilibrium framework
- Concepts from behavioural economics
- The concepts and analytical procedures of macroeconomic theory: a simplified two-sector model of the economy, the autonomous expenditure multiplier, and conditions for equilibrium
- Understanding of government and foreign trade sectors, and money and price-level inflation
- The role of expectations and investment
- Fluctuations in the level of economic activity and the efficacy of fiscal and monetary policy
- Data analysis skills in Microsoft Excel for economic relevant data

Teaching methods

Delivery typeNumberLength hoursStudent hours
Independent online learning hours22.00
Private study hours234.00
Total Contact hours44.00
Total hours (100hr per 10 credits)300.00

Private study

This module uses a flipped learning approach where every week students complete an hour of online content (short videos, texts, quizzes). Students are expected to develop their understanding of this material by engaging with the supporting material. The online content is supported every week with a large seminar of 2 hours where students work in groups to apply material to economic problems. As part of the weekly seminars, this module will use a Problem Based Learning (PBL) approach. The PBL requires students to work in teams with define roles (which will be rotated) to solve open ended problems. As part of their private study time, they are expected to work in their teams to develop solutions to problems and submit answers to questions. Microsoft Excel skills will be a key part of the PBL approach.

Opportunities for Formative Feedback

- Weekly online content quizzes
- PBL group questions
- Seminar performance

Methods of assessment

Assessment typeNotes% of formal assessment
Group Project3,000 words40.00
Total percentage (Assessment Coursework)40.00

The resit for this module will be 100% by 3 hour examination.

Exam typeExam duration% of formal assessment
Standard exam (closed essays, MCQs etc)3 hr 60.00
Total percentage (Assessment Exams)60.00

The resit for this module will be 100% by 3 hour examination.

Reading list

The reading list is available from the Library website

Last updated: 30/04/2019


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