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Unit information: The Economy in 2020/21

Please note: you are viewing unit and programme information for a past academic year. Please see the current academic year for up to date information.

Unit name The Economy
Unit code EFIM10026
Credit points 40
Level of study C/4
Teaching block(s) Teaching Block 4 (weeks 1-24)
Unit director Dr. Johnson
Open unit status Not open




School/department School of Economics
Faculty Faculty of Social Sciences and Law

Description including Unit Aims

This unit provides an analytical introduction to the core concepts and tools of modern microeconomics and macroeconomics. Starting from historical and cross-country comparisons, students will learn the role economic analysis can play in understanding different dimensions of modern economies.

The unit covers the behaviour of economic actors in the goods, labour and credit market and analyses how institutions and policy shape economic outcomes. It shows when markets can successfully organise economic activity and discusses under which circumstances they fail to do so.

The unit draws on empirical data, graphical and mathematical models as well as historically and methodologically informed narrative and students will use all of these to analyse and discuss relevant economic questions and ideas and communicate them to specialist and non-specialist audiences.

After studying this unit, students will have the appropriate foundational economics knowledge in order to successfully, and without undue difficulties, master more advanced units in subsequent years.

Intended Learning Outcomes

Students will be able:

[1] to understand and make appropriate use of graphical and mathematical models as well as historically and methodologically informed narrative to explain economic behaviour as well as current and past events in economics.

[2] to discuss a wide variety of economic situations by analysing the objectives and constraints of various decision makers (including individuals, households, firms, communities, unions, governments).

[3] to be able to explain and use important micro and macroeconomic concepts

[4] to describe main empirical regularities and make economic judgements based on simple data analysis.

[5] to explain the contributions that economic analysis can make to addressing some problems of current concern such as inequality, poverty, unemployment, pollution, climate change.

[6] to appropriately communicate economics to expert and non-expert audiences.

[7] to practice and improve collaborative working skills.

Teaching Information

Teaching will be delivered through a combination of synchronous and asynchronous sessions such as online teaching for large and small group, face-to-face small group classes (where possible) and interactive learning activities

Assessment Information

2 x Multiple choice exercises (each worth 10%) (Assess learning outcomes [1]-[3] and [5])

4 x online assessments (30%) (Assesses all learning outcomes)

2 x policy reports (50%) (Assesses all learning outcomes)

Formative Economics project (Assesses all learning outcomes) - A pass mark in the project is required for credit points to be awarded for this unit

Reading and References

[1] The CORE Team (2017): The Economy – Economics for a changing World

[a.] online version:,

[b.] printed version by Oxford University Press)

[2] Additional readings from book chapters, research articles, newspaper articles, policy reports and other media items will be made available to students.