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Unit information: The Economy in 2022/23

Please note: It is possible that the information shown for future academic years may change due to developments in the relevant academic field. Optional unit availability varies depending on both staffing, student choice and timetabling constraints.

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. Badru
Open unit status Not open
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School/department School of Economics
Faculty Faculty of Social Sciences and Law

Unit Information

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.

Your learning on this unit

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.

How you will learn

Teaching will be delivered through a combination of large and small group classes, supported by online resources

How you will be assessed


MCQs (5 per Teaching Block) (25%) (Assesses learning outcomes [1]-[3], [4] and [5])

Coursework project (1,500 words) (35%) (Assess all learning outcomes)

Exam (90 minutes) (40%) (Assess all learning outcomes)


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. EFIM10026).

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.