2023/24 Undergraduate Module Catalogue

LUBS1951 Economic Theory and Applications

30 creditsClass Size: 482

Module manager: Peter Hughes
Email: p.t.hughes@leeds.ac.uk

Taught: Semesters 1 & 2 (Sep to Jun) View Timetable

Year running 2023/24

This module is mutually exclusive with

LUBS1940	Economics for Management
LUBS1952	Economic Theory and Applications for Finance

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.

Objectives

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

Syllabus

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 type	Number	Length hours	Student hours
Workshop	22	2.00	44.00
Private study hours			256.00
Total Contact hours			44.00
Total hours (100hr per 10 credits)			300.00

Private study

This could include a variety of activities, such as reading, watching videos, question practice and exam preparation.

Opportunities for Formative Feedback

Your teaching methods could include a variety of delivery models, such as face-to-face teaching, live webinars, discussion boards and other interactive activities. There will be opportunities for formative feedback throughout the module.

Methods of assessment

Coursework

Assessment type	Notes	% of formal assessment
Group Project	3,000 words	40.00
Total percentage (Assessment Coursework)		40.00

Normally resits will be assessed by the same methodology as the first attempt, unless otherwise stated

Exams

Exam type	Exam 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: 28/04/2023 14:49:13

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