EC140: Principles of Economics 1

Module code: EC140

Module provider: Economics; School of Philosophy, Politics and Economics

Credits: 20

Level: Level 1 (Certificate)

When you'll be taught: Semester 1

Module convenor: Dr Andy Chung, email: chunkit.chung@reading.ac.uk

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: Yes

Talis reading list: Yes

Last updated: 23 May 2024

Overview

Module aims and purpose

This module is the first of 2 modules that provide the introduction to economics for undergraduate students in the Department of Economics. It aims to provide an analytical introduction to the modern concepts of economics. Addressing crucial societal problems and challenges, the module introduces the key economics and mathematical tools and concepts that enable students to understand how the real-world works.  The module covers introductory microeconomics concepts. The module will fully embed the representation of conceptual material mathematically with dedicated maths lectures/seminars fully taught alongside the respective economics concepts. 

Module learning outcomes

By the end of the module, it is expected that students will be able to:

1. Learn how to analyse a wide variety of economic situations by identifying the decision makers, such as individuals, firms, their objectives and constraints
2. Learn how to analyse real world issues by employing a combination of graphical economic models, mathematical models and historically and methodologically informed narrative
3. Have a knowledge of microeconomic and mathematical concepts

Module content

Topics may include: 

1. Scarcity and choice 
2. Consumer behaviour 
3. Supply and demand, elasticity 
4. Production, price setting vs price taking, profit maximisation 
5. Markets, efficiency, market failure 

The mathematics content covered in this first part will include: basic algebra, linear equation and its graph (budget constraint), graphical and algebraic solution of simultaneous linear equations (changing budget constraints); quadratic functions, exponential and natural logarithm functions (total and marginal functions of revenue and cost).  

Structure

Teaching and learning methods

The module is taught through a combination of lectures, seminars and tutorials. The lectures will cover all the course material including introducing the key mathematical concepts. Seminars will focus on some practical aspects, such as graphical and mathematical models. Tutorials will cover material based on lecture topics and will provide time for students to ask questions about the lecture material.

Study hours

At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: /cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

There will be quizzes, assignments and problem sets given to students.

Reassessment

Additional costs