Course Catalogue

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Economics 1A, together with Economics 1B, teaches the basic principles of economics. Economics 1A focuses on the fundamental principles and microeconomics, i.e. the role of the market mechanism for resource allocation followed by considerations of its limitations.

Lectures: Mondays, Tuesdays, and Thursdays 2.00-3.00pm and repeated at 3.00-4.00pm for 10 weeks (teaching weeks 1-5 and 7-11). Week 11 is a revision week.

10 x 1-hour tutorials.

Normally students must be Year 1, admitted to a Single or Joint Honours programme in Economics through UCAS. A limited number of places will be available to Year 1 students on other programmes or based on a College transfer request at the end of Year 1. All students must have Higher Maths at A grade or equivalent.  

Students who are not eligible for this course and who would like to include a business education course in their programme can take any of the courses listed below in Year 2 or Year 3 of an Ordinary/Designated degree. 

■ ECON1010 - Introductory Economics 

■ ACCFIN1001 - Introduction to Business Reporting & Financial Accounting 

■ ACCFIN1006 - Introduction to Management Accounting and Control 

■ ACCFIN1016 - Introduction to Finance, Investments and Institutions 

■ MGT1003 - Entrepreneurship 

■ MGT1005 - Introduction to Management 

■ COMPSCI1001, Computing Science 1P

■ COMPSCI1006, Computing Science 1F

■ COMPSCI1018, Computing Science 1S

Students are not permitted to take the courses listed above in year 1 alongside Economics 1A and 1B because there is no joint degree in Computing Science and Economics/Business Economics and timetable conflicts prevent the combination in year 2.

The general aims of this course are to:

■ provide an overall introduction to economics as being principally concerned with dealing with the problems of the allocation of scarce resources and insights into how the concept of 'opportunity cost' is reflected in economist's view of the world;

■ enhance the understanding of the economic aspects of current affairs; 

■ provide a foundation for further study of economics;

■ encourage you to take responsibility for your own learning (self-directed learning), and to acquire skills relevant to a wide range of situations beyond this course: how to think analytically, to express yourself clearly and directly.

By the end of this course, students should be able to:

1. analyse and explain opportunity cost and how the market mechanism allocates scarce resources  i.e. supply and demand analysis; 

2. explain consumer behaviour utilising the framework of budget lines and indifference curves;

3. deploy graphical techniques and basic algebra to illustrate analyse and explain economic phenomena e.g. the interpretation of the different market conditions under which companies decide upon their optimal pricing and output decisions;

4. explain the role and function of the main factor markets;

5. explain the various forms of market failure and the role and rationale for government intervention and its impacts;

6. demonstrate an ability to construct a focused argument based on coherent general economic principles that address contemporary microeconomic issues;

7. demonstrate skills based on data interpretation and numeracy;

8. explain economic issues, problems and solutions to non-economists.

None.