Economic Principles 201819

ACADEMIC YEAR 2017/2018
MODULE OUTLINE
Certificate of Higher Education
ECONOMICS
Economic Principles
FFEC002S4ACB
CLASS DETAILS
First Meeting Monday 1 Oct 2018, 6.30-8.30pm (22 Meetings)
Term Dates: Term One: 1 October –10 December

Term Two: 14 January – 25 March
Module taught by Dr Peter Barnes
Please be aware that students should not be attending any classes until they have formally
enrolled.
1
Contents
CLASS DETAILS ...................................................................................................................................1
MODULE DESCRIPTION ......................................................................................................................3
COURSEWORK AND ASSESSMENT....................................................................................................4
REFERENCES ......................................................................................................................................5
READING LISTS ...................................................................................................................................6
ESSAYS ................................................................................................................................................9
Please read the Certificate of Higher Education Economics Student Handbook carefully for
information and College policies regarding your studies.
2
MODULE DESCRIPTION
An Explanation of basic economic principles is provided, in order to establish a foundation for the
understanding of national and International economic issues and policies. You will develop analytical skills
and discuss problems of principle and policy.
Aims
• The main aim of the module is to introduce basic economic principles as a foundation for the
understanding and discussion of national and international economic policies and issues. Class
members are encouraged to discuss economic issues.
Student Outcomes
By the end of the module you should:

• have gained a knowledge and understanding of the key terminology and themes in public policy
debate.
• have gained an appreciation of the importance of critical thought and be able to apply basic
principles in the explaining of real world economic behaviour.
• be able to think critically and independently about what you have read
• have completed and been assessed on your coursework
3
COURSEWORK AND ASSESSMENT
Students will be expected to prepare essays for formal assessment and to undertake a compulsory in-class
assessment.
Assessment will consist of three elements:
1. Coursework amounting to 3,000 words in total to be made up of two assignments of 1,500 words each,
to be submitted by weeks 10 and 20. These assignments will account for 60% of the total marks. The
deadline for submission of coursework to the class tutor is the final class of the term (week 11 for essay
one, and week 22 for essay two). Assignments submitted after the final class of the term will not be
assessed unless a mitigating circumstances form and supporting evidence has been submitted (further
information see Student Handbook).
2. A compulsory in-class assessment of 2 hours which will carry 40% of the possible marks. This will take
place in week 22. There will be a central re-sit date allocated for those who provide evidence that they
cannot attend the unseen assessment in week 22.
All assessment must be passed to be eligible for credit. Please keep a copy of all work you submit.
You may produce up to two trial assignments if you wish which can be used for feedback. The course
lecturer will give suggestions for improvement. These will NOT go forward for final assessment
Failure and Re-assessment of a Module
Re-take for modules where a student obtained less than 30% at first attempt. In this case the student
will be required to re-enrol on the module, attend lectures and classes and retake all the assessment
associated with that module. A module mark achieved under this mode will not be capped at the pass
mark. Note that: students re-taking a module will be charged for the module.
Re-assessment for modules where a student obtained between 30% and 39% on the first attempt. The
student is not required to attend lectures and will only need to re-attempt any failed element of that
module (in most cases, the examination). Note that a reassessment will be capped at the pass mark
40% (this is a new College policy and applies to all students in 2015/16). If an application for
consideration of mitigating circumstances has been accepted and a deferral awarded by the sub-board,
the reassessment may be submitted without penalty and the reassessment will not be capped at the
pass mark.
Further information about Alternative Assessment, Re-assessment & Re-takes, and a Compensated Fail
can be found in the ‘Common Award Scheme Regulations’ document located on the My Birkbeck
website:
www.bbk.ac.uk/mybirkbeck/services/rules/casregs.pdf
Please note students cannot re-sit in order to improve a pass mark. Courses often evolve from one year
to the next, with changes in content and emphasis and it is your responsibility to keep track of any
variations in the syllabus. If you require further guidance about re-assessments, please contact your
Programme Director.
4
REFERENCES
Please ensure that:

• you use appropriate footnoting or end noting,
• all references consulted, and all quotations reproduced, are properly cited, including where
necessary specific page references,
• you include a full Bibliography representing the actual texts consulted
• you use texts that are written in English only
It is essential that you reference sources correctly. If you fail to reference sources correctly, you run the
risk of plagiarising. If a student’s work is proven to be plagiarised, this can result in the student
automatically failing the course.
The referencing formats below are widely adhered to in Economics:
BOOK-1 AUTHOR
SURNAME, INITIAL(S). YEAR. TITLE, CITY: PUBLISHER.
EXAMPLE: Denoeux, G. 1993. Urban Unrest in the Middle East: A Comparative Study of Informal Networks in Egypt, Iran
and Lebanon. New York: State University of New York Press.
BOOK-2 OR 3 AUTHORS
SURNAMES, INITIALS. YEAR. TITLE, CITY: PUBLISHER.
EXAMPLE: Buzan, B., O. Wever, and J. de Wilde. 1998. Security: A New Framework for Analysis. Boulder, CO: Lynne
Rienner.
BOOK-4 OR MORE AUTHORS
SURNAME(S), INITIAL(S) ET AL., EDS. (IF RELEVANT) YEAR. TITLE, CITY: PUBLISHER.
EXAMPLE: Held, D. et al., eds. 2005. Debating Globalization. Cambridge: Polity Press.
BOOK-SECOND OR LATER EDITION
SURNAME(S), INITIAL(S). YEAR. TITLE, NUMBER EDITION, CITY: PUBLISHER.
EXAMPLE: Calvocoressi, P. 2008. World Politics since 1945. 9th edition. London: Longman.
CHAPTER IN (EDITED) BOOK
SURNAME(S) CHAPTER AUTHOR, INITIAL(S). YEAR. “TITLE OF CHAPTER,” IN SURNAME(S), INITIAL(S), ED(S). TITLE
OF BOOK. CITY: PUBLISHER, PP:.
EXAMPLE: Murphy, C. 2002. ‘‘Why Pay Attention to Global Governance?,’’ in Wilkinson, R., and S. Hughes, eds.
Global Governance: Critical Perspectives. London: Routledge, pp. xi-xvii.
JOURNAL ARTICLE
SURNAME(S), INITIAL(S). YEAR. TITLE OF ARTICLE. NAME OF THE JOURNAL VOLUME(ISSUE NUMBER): PAGE
NUMBERS.
EXAMPLE: Martin, L., and B. Simmons. 1998. Theoretical and Empirical Studies of International Institutions.
International Organization 52(4): 729–757.
NEWSPAPER ARTICLE
SURNAME(S), INITIAL(S). YEAR. TITLE OF ARTICLE. TITLE OF NEWSPAPER, DAY MONTH BEFORE PAGE NUMBER
AND COLUMN LINE.
EXAMPLE: Glapper, R. 2005. Transnational corporate recruitment and the welfare state: Pressing issues for
governments and lawyers. The New Times, 4 Sep. p.4b.
WEB PAGE
SURNAME(S), INITIAL(S). YEAR. TITLE. PLACE OF PUBLICATION, PUBLISHER (IF ASCERTAINABLE). AVAILABLE
FROM: INTERNET ADDRESS [ACCESSED DY/MNTH/YR].
EXAMPLE: Zuttel, F., and M. Hobland. 2002. References: Harvard systems. Powle, Burnemouth University. Available
from: http://www.burnemouth.edu/service.html [Accessed 18 November 2002].
5
READING LISTS
Purchase of ONE text is advisable (but not before the first class as we occasionally have to cancel
classes).
Sloman and Garratt, Essentials of Economics 6th edition.
Lipsey and Chrystal, 13th edition.
Please note that it will only be necessary to purchase ONE text. The class tutor will give advice on which
is the “best” text in the first class.
There are so many introductory texts on the market that are suitable for this course. You may well have
inherited an alternative text or identified a second-hand copy of an adequate text in a bookshop. Using
a second-hand text could be satisfactory as new texts are expensive. The tutor will be glad to give
advice on this matter at the beginning of the course.
6
WEEK-BY-WEEK BREAKDOWN
Weeks 1 to 4:
Introductory ideas and an analysis of the market forces of demand and supply – market price
determination.
• Scarcity, choice and cost
• Economic systems
• Demand and supply curves
• Market equilibrium, price floors and ceilings
• Elasticity of demand and supply
• Selected applications of price analysis.
Reading: Sloman: Ch. 1, 2, 3, 4
Weeks 5 to 7:
The economics of the firm.
• Costs and their characteristics over the short and long run.
• Profit maximisation.
• Competitive and monopolistic behaviour.
• Market rivalry and oligopoly.
• Pricing under different objectives.
Reading: Sloman: Ch. 4, 5
Weeks 8 to 10:
Allocative efficiency and market failure.
• Externalities, public and merit goods, asymmetric information.
• Policy responses to market failure.
• Government failure.
Reading: Sloman: Ch. 7
Weeks 11 to 13:
Macroeconomics – basic models.
• Government Macro policy objectives and policy instruments
• GDP, GNP as measures of welfare
• The national income and expenditure model, AD and AS model
• The income multiplier
• Consumer and investment spending
• The business cycle – recession and recovery
Weeks 14 to 15:
Fiscal and money analysis and policy.
• The role of government spending and taxation
• National debt and the impact of government borrowing
• Credit creation and money supply control
• Interest rates in a global environment
Reading: Sloman: Ch.10, 12
7
Weeks 16 to 18:
Inflation, deflation and unemployment.
• Consequences and causes of inflation, deflation and unemployment
• Policy responses
• The 'Phillips Curve'
• NAIRU
• Role of supply-side policies.
Weeks 19 to 21:
International trade.
• Why trade? Comparative advantage and free trade
• Trade restrictions – tariff and non-tariff barriers
• The balance of payments and the problem of deficits
• Exchange rate systems
• Development Strategies – Aid and Debt issues
• Revision
Week 22: 2 hours unseen in-class assessment
8
ESSAYS
Essay 1(Deadline week 11)
Essay 2 (Deadline week 20)
9
MODULE OUTLINE
ECONOMICS
Economic Principles (Fast-Track)

FFEC902S4CCB
CLASS DETAILS
First Meeting Tuesday 15 Jan 2019, 6.00-9.00pm (11 Meetings plus 2 Sat schools)
Term Dates 15 January 2019 to 26 March 2019
Saturday Schools 9 February and 2 March, 10am-4pm/5pm
Module taught by Dr Anthony Conibear
Whilst we endeavour to teach on the Saturdays listed in the module outline, dates are liable to
alteration after the module has begun.
Students should not be attending any classes until they have formally enrolled.
1
Contents
CLASS DETAILS .................................................................................................................................. 1
MODULE DESCRIPTION ..................................................................................................................... 3
COURSEWORK AND ASSESSMENT................................................................................................... 4
REFERENCES ..................................................................................................................................... 5
READING LISTS .................................................................................................................................. 6
ESSAYS ............................................................................................................................................... 9
2
MODULE DESCRIPTION
Aims
Student Outcomes

debate.
Subject understanding and the ability to use a variety of analytical tools will be assessed in the course
work.
Teaching Arrangements
Teaching and learning takes place by means of lectures, seminars and class presentations by students
individually or in groups.
3
assessment.
1. Coursework amounting to 3,000 words in total to be made up of two assignments of 1,500 words
each, to be submitted by weeks 5 and 10. These assignments will account for 60% of the total marks.
The deadline for submission of coursework to the class tutor is the final class (week 11). Assignments
submitted after the final class will not be assessed unless a mitigating circumstances form and
supporting evidence has been submitted (further information see page 6).
2. A compulsory in-class assessment will take the form of unseen questions to be answered within 2 hours
which will carry 40 % of the possible marks. This will take place in week 11. There will be a central re-sit
date allocated for those who provide evidence that they cannot attend the unseen assessment in week
11.
3. In-class participation is marked as pass/fail. Criteria include regular contributions to class (e.g. group-
work, discussions, mini-presentations or other exercises), awareness of required reading,
listening/communication skills.
lecturer will give suggestions for improvement. These will NOT go forward for final assessment.
4
REFERENCES
Please ensure that:


BOOK-1 AUTHOR
BOOK-2 OR 3 AUTHORS
Rienner.



JOURNAL ARTICLE
NUMBERS.
NEWSPAPER ARTICLE
AND COLUMN LINE.
WEB PAGE
5
READING LISTS
Purchase of some or all advisable (but not before the first class as we occasionally have to cancel
classes)
MAIN READING
Students need to read one basic economics text. The main texts recommended for this module are:
Sloman. J. and Garratt, D.(2013) Essentials of Economics, (6th edition). London, Pearson.
Lipsey and Chrystal,(2015) Economics (13th edition) Oxford,OUP
The text by Sloman is less rigorous than the Lipsey and Chrystal text and therefore an easier read.
OTHER GENERAL READINGS
Begg and Varnasca, (2014) Economics, 11th edition.
Good bookshops include: The LSE Bookshop; Waterstones; Foyles;

Secondhand Stores: Skoob Books, Judd Books
Websites: abebooks.co.uk amazon.co.uk
OTHER SOURCES
Internet Sources
www.ft.com
www.economist.com
www.bankofengland.co.uk
www.hm-treasury.gov.uk.
www.ons.gov.uk
www.booksites.net
6
The readings given below for each topic are in no sense comprehensive or required reading. An indication
is given of the relevant chapters in the set texts, together with an identification of some of the better works
dealing with the topics specified.
Weeks 1 and 2:
An Introduction and an analysis of the market, buyers and sellers and price

Reading: Lipsey – chapters 1, 2, 3, 4, 5 and 5.

Sloman – Intro and chapters 1 and 2.
Week 3 and the first Saturday school:

The economics of the firm
• Economic Costs, and their characteristics over the short and long run
• Profit maximisation and how it is achieved
• Competitive and monopolistic behaviour
• Market rivalries and oligopolies.
Reading: Lipsey – chapters 8, 9, 10, and 11

Sloman – chapters 3 and 4
Week 4:
The labour market and income distribution
• Demand and Supply of labour

• Employment and wages
• Minimum wages under competition and monosony
• Income distribution and inequality.
Reading: Lipsey – chapters 14 and 15

Sloman – chapter 5
Week 5:
Allocative efficiency and market failure
• Externalities, public and merit goods, asymmetric information

Reading: Lipsey – chapter 18

7
Weeks 6 and 7:
Macro economics – basic models and measurement

• The national income and expenditure model
Reading: Lipsey – chapters 20, 21, 22 and 23

Sloman – chapters 7 and 8.
Weeks 8 and 9:
Fiscal and monetary analysis and policy, Inflation and unemployment

• Interest rate determination
• Money supply and interest rate changes in a global environment
• Consequences of inflation and unemployment
• Their causes and the policy responses
• The 'Phillips Curve' and NAIRU
Reading: Lipsey – chapters 24,25, 26, 27, 30 and 31

Sloman – chapters 8, 9 and 10
Week 10 and the second Saturday school:

International trade and Development and Revision

• The Euro
• Development Strategies – Aid and Debt
Reading: Lipsey – chapters 28, 29, 34 and 35.

Sloman – 11 and 12
Week 11:
2 hours unseen in-class assessment
8
ESSAYS
Essay 1 (Deadline Week 5)
9
MODULE OUTLINE
ECONOMICS
Economic Principles (Fast-Track)

FFEC902S4ECB
CLASS DETAILS
First Meeting Tuesday 30 April 2019, 6.00-9.00pm (11 Meetings plus 2 Sat schools)
Term Dates 30 April 2019 to 9 July 2019, 10am-4pm/5pm
Saturday Schools 4 May & 15 June 2019 (TBC)
Module taught by Dr Anthony Conibear
Whilst we endeavour to teach on the Saturdays listed in the module outline, dates are liable to
alteration after the module has begun.
Students should not be attending any classes until they have formally enrolled.
1
Contents
CLASS DETAILS .................................................................................................................................. 1
MODULE DESCRIPTION ..................................................................................................................... 3
COURSEWORK AND ASSESSMENT................................................................................................... 4
REFERENCES ..................................................................................................................................... 5
READING LISTS .................................................................................................................................. 6
ESSAYS ............................................................................................................................................... 9
2
MODULE DESCRIPTION
Aims
Student Outcomes

debate.
Subject understanding and the ability to use a variety of analytical tools will be assessed in the course
work.
Teaching Arrangements
Teaching and learning takes place by means of lectures, seminars and class presentations by students
individually or in groups.
3
assessment.
1. Coursework amounting to 3,000 words in total to be made up of two assignments of 1,500 words
each, to be submitted by weeks 5 and 10. These assignments will account for 60% of the total marks.
The deadline for submission of coursework to the class tutor is the final class (week 11). Assignments
submitted after the final class will not be assessed unless a mitigating circumstances form and
supporting evidence has been submitted (further information see page 6).
2. A compulsory in-class assessment will take the form of unseen questions to be answered within 2 hours
which will carry 40 % of the possible marks. This will take place in week 11. There will be a central re-sit
date allocated for those who provide evidence that they cannot attend the unseen assessment in week
11.
3. In-class participation is marked as pass/fail. Criteria include regular contributions to class (e.g. group-
work, discussions, mini-presentations or other exercises), awareness of required reading,
listening/communication skills.
lecturer will give suggestions for improvement. These will NOT go forward for final assessment.
4
REFERENCES
Please ensure that:


BOOK-1 AUTHOR
BOOK-2 OR 3 AUTHORS
Rienner.



JOURNAL ARTICLE
NUMBERS.
NEWSPAPER ARTICLE
AND COLUMN LINE.
WEB PAGE
5
READING LISTS
Purchase of some or all advisable (but not before the first class as we occasionally have to cancel
classes)
MAIN READING
Students need to read one basic economics text. The main texts recommended for this module are:
Sloman. J. and Garratt, D.(2013) Essentials of Economics, (6th edition). London, Pearson.
Lipsey and Chrystal,(2015) Economics (13th edition) Oxford,OUP
The text by Sloman is less rigorous than the Lipsey and Chrystal text and therefore an easier read.
OTHER GENERAL READINGS
Begg and Varnasca, (2014) Economics, 11th edition.
Good bookshops include: The LSE Bookshop; Waterstones; Foyles;

Secondhand Stores: Skoob Books, Judd Books
Websites: abebooks.co.uk amazon.co.uk
OTHER SOURCES
Internet Sources
www.ft.com
www.economist.com
www.bankofengland.co.uk
www.hm-treasury.gov.uk.
www.ons.gov.uk
www.booksites.net
Journals and Newspapers

n/a
6
The readings given below for each topic are in no sense comprehensive or required reading. An indication
is given of the relevant chapters in the set texts, together with an identification of some of the better works
dealing with the topics specified.
Weeks 1 and 2:
An Introduction and an analysis of the market, buyers and sellers and price

Reading: Lipsey – chapters 1, 2, 3, 4, 5 and 5.

Sloman – Intro and chapters 1 and 2.
Week 3 and the first Saturday school:

The economics of the firm
• Economic Costs, and their characteristics over the short and long run
• Profit maximisation and how it is achieved
• Competitive and monopolistic behaviour
• Market rivalries and oligopolies.
Reading: Lipsey – chapters 8, 9, 10, and 11

Sloman – chapters 3 and 4
Week 4:
The labour market and income distribution
• Demand and Supply of labour

• Employment and wages
• Minimum wages under competition and monosony
• Income distribution and inequality.
Reading: Lipsey – chapters 14 and 15

Week 5:
Allocative efficiency and market failure
• Externalities, public and merit goods, asymmetric information

Reading: Lipsey – chapter 18

7
Weeks 6 and 7:
Macro economics – basic models and measurement

• The national income and expenditure model
Reading: Lipsey – chapters 20, 21, 22 and 23

Sloman – chapters 7 and 8.
Weeks 8 and 9:
Fiscal and monetary analysis and policy, Inflation and unemployment

• Interest rate determination
• Money supply and interest rate changes in a global environment
• Consequences of inflation and unemployment
• Their causes and the policy responses
• The 'Phillips Curve' and NAIRU
Reading: Lipsey – chapters 24,25, 26, 27, 30 and 31

Sloman – chapters 8, 9 and 10
Week 10 and the second Saturday school:

International trade and Development and Revision

• The Euro
• Development Strategies – Aid and Debt
Reading: Lipsey – chapters 28, 29, 34 and 35.

Sloman – 11 and 12
Week 11:
2 hours unseen in-class assessment
8
ESSAYS

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ACADEMIC YEAR 2017/2018

First Meeting Monday 1 Oct 2018, 6.30-8.30pm (22 Meetings)

Term Dates: Term One: 1 October –10 December

Module taught by Dr Peter Barnes

By the end of the module you should:

Assessment will consist of three elements:

Failure and Re-assessment of a Module

Please ensure that:

Sloman and Garratt, Essentials of Economics 6th edition.

Lipsey and Chrystal, 13th edition.

Reading: Sloman: Ch. 1, 2, 3, 4

Reading: Sloman: Ch. 4, 5

Reading: Sloman: Ch. 7

Reading: Sloman: Ch. 8, 9

Reading: Sloman: Ch.10, 12

Reading: Sloman: Ch. 11, 12

Reading: Sloman: Ch. 13, 14

Week 22: 2 hours unseen in-class assessment

Essay 1(Deadline week 11)

Essay 2 (Deadline week 20)

Economic Principles (Fast-Track)

Term Dates 15 January 2019 to 26 March 2019

Saturday Schools 9 February and 2 March, 10am-4pm/5pm

Module taught by Dr Anthony Conibear

By the end of the module you should:

Assessment will consist of three elements:

Please ensure that:

The referencing formats below are widely adhered to in Economics:

BOOK-4 OR MORE AUTHORS

BOOK-SECOND OR LATER EDITION

CHAPTER IN (EDITED) BOOK

Lipsey and Chrystal,(2015) Economics (13th edition) Oxford,OUP

OTHER GENERAL READINGS

Begg and Varnasca, (2014) Economics, 11th edition.

Good bookshops include: The LSE Bookshop; Waterstones; Foyles;

• Scarcity, choice and cost

Reading: Lipsey – chapters 1, 2, 3, 4, 5 and 5.

Week 3 and the first Saturday school:

Reading: Lipsey – chapters 8, 9, 10, and 11

• Demand and Supply of labour

Reading: Lipsey – chapters 14 and 15

• Externalities, public and merit goods, asymmetric information

Reading: Lipsey – chapter 18

• Government Macro policy objectives and policy instruments

Reading: Lipsey – chapters 20, 21, 22 and 23

• The role of government spending and taxation

Reading: Lipsey – chapters 24,25, 26, 27, 30 and 31

Week 10 and the second Saturday school:

• Why trade? Comparative advantage and free trade

Reading: Lipsey – chapters 28, 29, 34 and 35.

Essay 1 (Deadline Week 5)

Essay 2 (Deadline Week 10)

Economic Principles (Fast-Track)

Term Dates 30 April 2019 to 9 July 2019, 10am-4pm/5pm

Saturday Schools 4 May & 15 June 2019 (TBC)

Module taught by Dr Anthony Conibear

By the end of the module you should:

Assessment will consist of three elements:

Please ensure that: