Economics 1B ECON1002
- Academic Session: 2021-22
- School: Adam Smith Business School
- Credits: 20
- Level: Level 1 (SCQF level 7)
- Typically Offered: Semester 2
- Available to Visiting Students: Yes
- Available to Erasmus Students: Yes
This course follows on from Economics 1A in teaching the basic principles of economics. Its focus is on macroeconomics, and is concerned with levels of output, employment, interest rates and money supply in the national economy as a whole. It will also provide a self-contained component on some basic mathematical tools required to follow the standard level 2 theory sequence in macroeconomics.
Lectures: Mondays, Tuesdays, Thursdays and Fridays (and occasionally Wednesday) 2.00-3.00pm and repeated at 3.00-4.00pm.
Tutorials and seminars are held at various times and can be selected on MyCampus.
Requirements of Entry
Students will normally have completed Economics 1A, and should note that progress to Economics level 2 study requires a minimum D3 grade in both Economics 1A and 1B.
A 1-hour In-course examination (20%) and 2-hour degree examination (80%). The in-course exam assesses the Macroeconomics component of the course. 80% of the degree exam assesses the Macroeconomics component and 20% assesses the Mathematical Economics 1 (ME1) component.
Note: the 3-hr exam is the sum of the in-course exam (1hr) and the degree exam (2hr).
Main Assessment In: April/May
The general aims of this course are to:
1. provide an overall introduction to the working of the economy as a whole, and the purposes and methods of government activity in a "mixed" economy;
2. provide a foundation for further study of economics at Level 2;
3. to build familiarity with some basic mathematical tools serving as a stepping stone to the more sophisticated tools required at Level 2;
4. encourage the student to take responsibility for their own learning (self-directed learning), and to acquire skills relevant to a wide range of situations beyond this course: how to think analytically, to express themselves clearly and directly, and to employ information technology.
Intended Learning Outcomes of Course
By the end of this course, students should be able to:
1. outline a model of how aggregate output and the price level are determined;
2. use this model to analyse the impact of various exogenous shocks on the macro economy and the possible role of macroeconomic policy in confronting these, as well as to assess how monetary and fiscal policies can be used by governments in order to influence the macro economy;
3. compare alternative exchange rate regimes and explain why the authorities need to take the exchange rate or balance of payments into account in policy design;
4. deploy techniques of economic analysis within a problem solving context;
5. demonstrate an ability to construct a focused argument based on coherent general principles;
6. demonstrate skills based on data interpretation and numeracy;
7. explain economic issues, problems and solutions to non-economists;
8. demonstrate the routine mathematical skills necessary in most economic applications, and to help develop a firm understanding of some very basic mathematical principles.
Minimum Requirement for Award of Credits