Overview

The module will introduce some of the tools and models that economists use to explain what we see within the economy. The module will consider models of the labour market, credit market and the aggregate economy. These models will be used to help understand many of the feature the contemporary world, including economic growth and business cycles. The module will also consider market dynamics and clarify measures of key economic variables.

Assessment Strategy

-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

-good -B- to B+ (60-69%): Very good performance. Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

Learning Outcomes

• Demonstrate an understanding of the aggregate economy in the short, medium and long-run.

• Demonstrate an understanding of the varying nature of economic institutions and the effects of government policy.

• Demonstrate understanding of verbal, graphical, numerical and mathematical representations of economic ideas and concepts.

• Evaluate market dynamics.

• Explain the internal workings of key markets within the economy.

• Show understanding of analytical methods: apply core economic concepts and economic reasoning to applied topics.