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Principles of Economics

Unit details

Unit code: EFIM10050
Level: 1
Credit point value: 20
Unit Director: Gervas Huxley
Lecturers: Gervas Huxley
Teaching blocks: 1
Prerequisites: Grade A in GCSE Mathematics (students with A level Economics are not allowed to take this unit)
Number of lectures: 22
Number of tutorials: 11

Assessment methods

Summative assessment
2 hour closed book exam

Formative assessment
Three essays (800 - 1,100 words)

You will receive written feedback on each essay and the chance to discuss your essay with your class tutor.

Main texts

Paul Krugman and Robin Wells Microeconomics, Worth Publishers.

Unit description

The aim of the course is to teach a set of core economic principles to help you apply these principles to a variety of economic problems.  The course is particularly suited to students who wish to acquire analytical writing skills.

The unit is divided into two parts: The first part covers the core principles of Economics.  The second part uses the tools developed in the first part of the course to analyse a range of topical economic problems.


First Section:

Why markets work:

  • Demand and Supply
  • Competition and monopoly
  • Trade

Why markets fail:

  • Externalities
  • Public goods
  • Common resources
  • Welfare

Second section:

  • Globalisation and inequality
  • Economics of global warming and climate change
  • The economics of Higher Education (student loans and incentives in HE)
  • The London congestion charge    

Supplementary texts

Paul Krugman and Robin Wells, Microeconomics, Worth Publishers

Students are also referred to blogs and websites where microeconomic issues are discussed.