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Unit information: Foundations of Economics in 2021/22

Unit name Foundations of Economics
Unit code AFAC10013
Credit points 20
Level of study C/4
Teaching block(s) Teaching Block 4 (weeks 1-24)
Unit director Dr. Williams
Open unit status Not open




School/department Arts Faculty Office
Faculty Faculty of Arts

Description including Unit Aims

This is a 20 credit TB4 unit providing students on the Foundation in Arts and Social Sciences with an introduction to economics. The first teaching block will focus on the core concepts of economics while the second teaching block will provide students with an opportunity to explore economics in more depth.

By the end of teaching block 1, topics covered may include:

  • Types of objectives set by firms
  • Time value of money and decisions
  • Valuation of assets
  • Types of market competition
  • Supply and demand

In teaching block 2, topics covered may include:

  • Price discrimination
  • Government intervention
  • International trade and the global economy
  • Economic growth

Formative assessment:

Regular worksheets and case studies with short answer questions and feedback provided during weekly seminars

1,000 word essay with formative feedback

Intended Learning Outcomes

By the end of the unit, students will be able to:

  1. Understand key in economic and financial concepts and phenomenon;
  2. Discuss and analyse a wide variety of economic situations;
  3. Make appropriate use of graphical and mathematical models;
  4. Demonstrate the skills required to study Economics programme at undergraduate level.

Teaching Information

1 x 2 hour seminar per week

Assessment Information

Formative assessment:

2 assignments (1000 words each)

Summative assessment:

2 assignments (1000 words each):

  • Assignment 1 (50%) ILOs 1, 2, 3
  • Assignment 2 (50%) ILOs 1, 2, 3, 4


If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.

If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. AFAC10013).

How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours of study to complete. Your total learning time is made up of contact time, directed learning tasks, independent learning and assessment activity.

See the Faculty workload statement relating to this unit for more information.

The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit. The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates within the Regulations and Code of Practice for Taught Programmes.