Exam (2 hours)

2 - Written exam - 70

Essay (1000 words)

1 - Written assignment (including essay) - 30

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The module centres on major concepts in economics: resource allocation; market mechanism, prices and equilibrium. Taking this core module, students are required to develop an understanding of the ways in which price mechanisms work (and fail) in different contexts, and identify the major factors behind market and price moves. The module begins with a brief introduction into the academic study of economics, and proceeds to the analysis of supply and demand dynamics in different market contexts.

Feedback is provided in a number of ways throughout your module. This includes feedback you receive during teaching from both peers and lecturers and that provided for formative assessment. Following an assessment, you will be given your marks and feedback in line with the assessment regulations and policy. More information on the timing and type of feedback that will be provided for each assessment will be available from the module leader. <a href='https://www.citystgeorges.ac.uk/about/governance/policies/student-policies-and-regulations'>https://www.citystgeorges.ac.uk/about/governance/policies/student-policies-and-regulations</a>

This module will support the development of all the graduate attributes. Your module leader will provide you with information about how your learning, teaching and assessment activities support your development of these attributes. The graduate attributes are: - Always learning - Engaged in the world - Technical and digital - Connected Professional - Creating Impact

In-Person - 

Self-directed - 

IP1021 - Understanding the Economy 1: Prices and Markets

IP1021-PRD1-PER-ALV1

Acquisition of knowledge and understanding is promoted through a combination of lectures and interactive classes with a strong emphasis on students’ participation and presentations. You are encouraged to undertake extensive reading and independent study in order to understand the themes covered in lectures and classes and critically assess the key notions that lie at the foundations of economic theory. You also receive feedback on your coursework to encourage you to reflect on what you have produced.

Understanding the Economy 1: Prices and Markets

Cognizance of the logic and role of economic reasoning in economics and political economy.

Values and attitudes

Produce written materials that indicate in a precise and honest manner what your own work is and what is attributable to others.

Cognizance of the role and nature of economic variables as one of the key components of governmental policies.

Draw connections between core ideas in economics and their applications.

Knowledge

Compare the dynamics of supply and demand in different markets.

Skills

Identify core ideas and concepts in economics and economic reasoning.

Identify policy challenges in cases of market failure.

Articulate your understanding of market behaviour. 

Identify and compare the price dynamics and problems of market failure in different contexts.

Differentiate core concepts in economics and economic reasoning.

Discuss the core economics concepts in different market contexts.