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2018/19 Undergraduate Module Catalogue

LUBS1950 Economic Theory and Applications 1

20 creditsClass Size: 735

Module manager: Peter Hughes

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

Year running 2018/19

Pre-requisite qualifications

Mathematics of at least GCSE grade B standard.

This module is mutually exclusive with

LUBS1940Economics for Management

This module is approved as a discovery module

Module summary

This module gives an introduction to the economic exploration and understanding of the world of business and government economic policy. This module starts the journey of developing commercial awareness - an interest in business and an understanding of the wider environment in which an organisation operates: its customers, competitors and suppliers. By taking this module, you will develop insights into how firms operate and compete and develop better insights into the most important policy decisions taken by governments - all crucial skills when it comes to employability.


This module aims to introduce and assess the basic concepts of micro- 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.

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

Skills outcomes
Upon completion of this module students will be able to:
- Apply critical thinking skills to problem solving


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
The basic concepts and analytical procedures of macroeconomic theory: a simplified two-sector model of the economy, the autonomous expenditure multiplier, and conditions for equilibrium;
Increasing the complexity of the model: the 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

Teaching methods

Delivery typeNumberLength hoursStudent hours
Private study hours160.00
Total Contact hours40.00
Total hours (100hr per 10 credits)200.00

Opportunities for Formative Feedback

- Online practice MCQs provided during the course of the module
- Completion of assignments for each class
- Mock examinations

Methods of assessment

Exam typeExam duration% of formal assessment
Standard exam (closed essays, MCQs etc)3 hr 00 mins100.00
Total percentage (Assessment Exams)100.00

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

Reading list

The reading list is available from the Library website

Last updated: 12/12/2018 10:48:53


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