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Unit information: Principles of Economics in 2021/22

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 Principles of Economics
Unit code EFIM10050
Credit points 20
Level of study C/4
Teaching block(s) Teaching Block 2 (weeks 13 - 24)
Unit director Dr. Badru
Open unit status Open

At least GCSE Mathematics Grade 7 or equivalent.

This unit is NOT available to students taking degrees in the School of Economics, Finance and Management except on programmes where it is a mandatory unit.



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

Description including Unit Aims

This unit provides an introduction to core economic principles. Students become familiar with the economic way of thinking and learn how to apply economic principles to a variety of real-world problems. The course is particularly suited to students who wish to learn how to systematically observe the world through data and acquire analytical writing skills to better communicate economic ideas.

The economic way of thinking is not limited to commercial activity, it applies to all human endeavours. In this class we will learn about the choices the individuals make and the exchanges they take part in as buyers and sellers, as members of households and firms, as employers and employees, or as landlords and tenants. We will pay attention to the notions of efficiency and inequality, justice and fairness, and to the power relations in market and non-market exchanges. The unit highlights the embeddedness of markets in social and political institutions and emphasizes the moral and ethical problems that markets solve or fail to solve.

While this unit is mandatory for some students taking degrees in the School of Economics, Finance and Management, it is an excellent choice for non-economic majors.

Intended Learning Outcomes

  1. To develop understanding of basic economic concepts and techniques;
  2. To apply these concepts to economic problems
  3. To increase student ability to write clearly and analytically

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

20% MCQ (ILO 1,2,3) Written report/Essay (1000) (40%) (ILO 1, 3) Written report/Essay (1000) (40%) (ILO 2, 3)


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. EFIM10050).

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.