ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title Principles of Economics II
Code ECON210
Coordinator Dr A Gorn
Economics
A.Gorn@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 5 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

ECON127 ECONOMIC PRINCIPLES FOR BUSINESS AND MARKETS 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 12

6

      12

6

36
Timetable (if known) 60 mins X 1 totaling 12
 
60 mins X 1 totaling 12
 
      60 mins X 1 totaling 6
 
 
Private Study 114
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 2: Written Timed Examination (Online) Assessment Type: Written Examination Duration/Size: 2 hours Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Standa  2 hours    70       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: Weekly Online Tests Assessment Type: Practical Assessment Duration/Size: Approximately 1 hour Weighting: 30% Reassessment Opportunity: Yes Penalty for Late Submission: Standar  Approximately 1 hour    30       

Aims

This module aims to provide students with an opportunity to further apply mathematically core economic principles (developed in ECON127 Principles of Economics) to the economic and business environment. This will enable students to approach the Economic environment analytically in both Microeconomic and Macroeconomic approaches and prepare students to meet the requirements of the Actuarial Faculty/Institute exemptions in Economics where demonstrated to an appropriate level.


Learning Outcomes

(LO1) Students will be able to demonstrate knowledge and critical awareness of economic theory studies, particularly with respect to the economic & business environment.

(LO2) Students will be able to apply a range of economic techniques to solve problems in the areas studied.

(LO3) Students will be able to apply microeconomic and macroeconomic theory and techniques to economic and business environment problems.

(LO4) Students will be able to understand and appreciate recent developments and methodologies in economics, such as behavioural economics.

(S1) Creative Problem Solver

(S2) Analytical (Numerate)

(S3) Commercial Awareness

(S4) Organised and able to work under pressure

(S5) IT Literate (Digitally Confident)

(S6) International Awareness


Teaching and Learning Strategies

Teaching Method : Online Asynchronous Learning Materials
Unscheduled Directed Student Hours: 12
Description: Weekly 1 hour session
Attendance Recorded: No

Teaching Method : Synchronous Lecture
Scheduled Directed Student Hours: 12
Attendance recorded: No

Teaching Method : Seminar
Description: Seminars will provide an opportunity for feedback regarding solutions to weekly quiz questions and approaches to economics analysis
Scheduled Directed Student Hours: 6
Attendance recorded: Yes

Teaching Method: Group Study
Description: Biweekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 6
Attendance recorded: No

Self Directed Learning Hours: 114
Description: Independent learning hours must review lecture concepts, support learning with relevant chapter reading and complete weekly quizzes to p rovide the student with ongoing feedback of progress in their learning journey.

Skills Mapping

Skill: Creative Problem Solver
How is this developed: The ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes, to think through a sequence of steps of an economic argument is developed through 'the Economists' toolbox' of approaches to analysis and problem solving.
Mode of assessment (if applicable): Weekly Online Tests and Written Unseen Examination

Skill: Analytical (Numerate)
How is this developed: Analysis using the Economists' toolbox include both numeric and discursive reasoning. Economics is particularly valuable when numerical models are developed.
Mode of assessment (if applicable): Weekly Online Tests and Written Unseen Examination

Skill: Commercial Awareness
How is this developed: Case studies from the global eco nomic and business environment are considered throughout the course.
Mode of assessment (if applicable): Weekly Online Tests and Written Unseen Examination

Skill: Organised and able to work under pressure
How is this developed: Students are expected to organise their own learning within the given guidelines.
Mode of assessment (if applicable):

Skill: IT Literate (digitally confident)
How is this developed: Learning resources for this module are provided electronically. Students must also collate and interpret relevant information via IT sources and must submit weekly assessments online.
Mode of assessment (if applicable): Weekly Online Tests.

Skill: International Awareness
How is this developed: Case studies from the global economic and business environment are considered throughout the course.
Mode of assessment (if applicable): Weekly Online Tests and Written Unseen Examination


Syllabus

 

Competitive Markets: Equilibrium & Dynamics - Including solving for equilibrium, elasticities of demand and supply, risk and uncertainty. (Chapter 1, 2)

Consumer Theory - Including classical versus neoclassical utility theory and impact of advertising. (Chapter 5)

Outputs and Profit Maximisation - Including production function and solving for profit maximising points in different market structures - particularly Monopoly and perfect competition. (Chapter 6, 7)

Imperfect Competition & Pricing in Practice - Including solving for profit maximising points in oligopoly, including game theory and low cost versus high advertising models. Including average cost pricing, price discrimination etc. (Chapter 8, 9)

Market Failure, Government and The Firm (Part 1) - Reasons for government intervention - i.e. market failure and types of interventions. (Chapter 3, 12, 14)

Macroeconomic Environment, Macroeconomic Stances and Economic Policy - Reminder of main ma croeconomic indicators: growth, unemployment, inflation, balance of payments (from ECON127) compare and contrast international macroeconomics environments. Including Capitalism versus central command - and mixed economies with Keynesian, neo-Keynesian, Monetarist and Austrian School approaches. (Chapter 15, 16)

Globalisation, International Trade and the Macroeconomic Environment. (Chapter 24, 25)

Business Cycle - Unemployment and inflation and trade-offs in the business cycle - following on from prior lecture, particularly understand trade-offs in macroeconomic indicators. (Chapter 17, 20, 21)

Role of Money & Interest Rates in an Economy - Including money supply, interest rates etc and policy. (Chapter 18, 19)

Government Policies and Business - Competition & regulation compare fiscal, monetary, supply side interventions. (Chapter 22, 23)


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.