Skip to main content
Home

Information for:

  • Alumni
  • Applicants
  • Current Students
  • Staff
  • Parents
  • Job Vacancies
  • Covid-19
  • Cymraeg
My country:

Main Menu

    • Study Options
      • Study Home
      • Why Study at Bangor?
      • Undergraduate Study
      • Postgraduate Taught Study
      • Postgraduate Research
      • Part-time Courses
      • January Start Courses
      • Degree Apprenticeships
      • Study Abroad
      • Work Experience
    • Study Advice
      • Apply
      • Already Applied?
      • Fees and Finances
      • Scholarships and Bursaries
      • Get Ready for University
    • Explore Bangor
      • Open Days and Visits
      • Virtual Student Experience

    Find a Course

    Order a Prospectus

    • Student Life
      • Student Life Home
      • Bangor and the Area
      • Social Life and Entertainment
      • Accommodation
      • Clubs and Societies
      • Sport
      • Virtual Student Experience
    • Your Experience at Bangor
      • Student Support
      • Skills and Employability
      • Study or Work Abroad
      • Fees and Finances

    Student Profiles

    Student Videos and Vlogs

    • Choose Bangor
      • International Home
      • Why Bangor?
      • Location
      • Accommodation
      • Student Support
      • Contact Us
    • Apply
      • Entry Requirements
      • Tuition Fees and Scholarships
      • How to Apply
      • Already Applied
      • Study Abroad
      • Exchanges

    Country Specific Information

    Join us on a Virtual Open Day

    Bangor University International College

    Covid-19 Information

    • Research
      • Research Home
      • About Our Research
      • Research in our Academic Schools
      • Research Institutes and Centres
      • Research Portal
      • Research, Innovation and Impact Office (RIIO)
      • Energy
      • Research News
    • Postgraduate Research Opportunities
      • Postgraduate Research
      • Doctoral School
    • Events and Training Opportunities
      • Researcher Development
    • The University
      • About Us
      • Our Mission
      • Strategy 2030
      • Annual Review
      • Our Location
      • Academic Schools and Colleges
      • Services and Facilities
      • Vice Chancellor’s Office
      • Working with Business
      • Working with the Community
      • Sustainability
      • Health and Wellbeing
      • Contact Us
    • Working for Us
      • Job Vacancies
    • University Management and Governance
      • Policies and Procedures
      • Slavery and Human Trafficking Statement
      • Management and Governance
    • University and the Community
      • Pontio
      • Sports Facilities
      • Conference Facilities
      • Places to Eat and Drink
      • Public Events
      • Widening Access
      • Services to Schools
    • Business Services
      • Business Services Home
    • Collaboration Hub
      • Collaboration Hub
      • Funding for Collaborative Research and Development (R&D) & Innovation
      • Business Facilities and Networks
      • Consultancy, Specialist Expertise and Knowledge
      • Commercialisation and Intellectual Property (IP)
      • Student Placements and Internships in Business & Enterprise
      • Training and Continuing Professional Development
      • Degree Apprenticeships
    • Conferencing and Business Dining
      • Conferencing Facilities
      • Business Dining
    • Contacts
      • Research, Innovation and Impact Office (RIIO)
      • Get In Touch
    • News
      • Current News
      • Research News
      • Student News
    • Events
      • Events

    • Study Options
      • Study Home
      • Why Study at Bangor?
      • Undergraduate Study
      • Postgraduate Taught Study
      • Postgraduate Research
      • Part-time Courses
      • January Start Courses
      • Degree Apprenticeships
      • Study Abroad
      • Work Experience
    • Study Advice
      • Apply
      • Already Applied?
      • Fees and Finances
      • Scholarships and Bursaries
      • Get Ready for University
    • Explore Bangor
      • Virtual Open Days and Visits
      • Virtual Student Experience

    Find a Course

    Order a Prospectus

    • Student Life
      • Student Life Home
      • Bangor and the Area
      • Social Life and Entertainment
      • Accommodation
      • Clubs and Societies
      • Sport
      • Virtual Student Experience
    • Your Experience at Bangor
      • Student Support
      • Skills and Employability
      • Study or Work Abroad
      • Fees and Finances

    Student Profiles

    Student Videos and Vlogs

    • Choose Bangor
      • International Home
      • Why Bangor?
      • Location
      • Student Support
      • Contact Us
    • Apply
      • Entry Requirements
      • Tuition Fees and Scholarships
      • How to Apply
      • Already Applied
      • Study Abroad
      • Exchanges

    Country Specific Information

    Join us on a Virtual Open Day

    Bangor University International College

    Covid-19 Information

    • Research
      • Research Home
      • About Our Research
      • Research in our Academic Schools
      • Research Institutes and Centres
      • Research Portal
      • Research, Innovation and Impact Office (RIIO)
      • Energy
      • Research News
    • Postgraduate Research Opportunities
      • Postgraduate Research
      • Doctoral School
    • Events and Training Opportunities
      • Researcher Development
    • The University
      • About Us
      • Our Mission
      • Strategy 2030
      • Annual Review
      • Our Location
      • Academic Schools and Colleges
      • Services and Facilities
      • Vice Chancellor’s Office
      • Working with Business
      • Working with the Community
      • Sustainability
      • Health and Wellbeing
      • Contact Us
    • Working for Us
      • Job Vacancies
    • University Management and Governance
      • Policies and Procedures
      • Slavery and Human Trafficking Statement
      • Management and Governance
    • University and the Community
      • Pontio
      • Sports Facilities
      • Conference Facilities
      • Places to Eat and Drink
      • Public Events
      • Widening Access
      • Services to Schools
    • Business Services
      • Business Services Home
    • Collaboration Hub
      • Collaboration Hub
      • Funding for Collaborative Research and Development (R&D) & Innovation
      • Business Facilities and Networks
      • Consultancy, Specialist Expertise and Knowledge
      • Commercialisation and Intellectual Property (IP)
      • Student Placements and Internships in Business & Enterprise
      • Training and Continuing Professional Development
      • Degree Apprenticeships
    • Conferencing and Business Dining
      • Conferencing Facilities
      • Business Dining
    • Contacts
      • Research, Innovation and Impact Office (RIIO)
      • Get In Touch
    • News
      • Current News
      • Research News
      • Student News
    • Events
      • Events

Information for:

  • Alumni
  • Applicants
  • Current Students
  • Staff
  • Parents
  • Job Vacancies
  • Covid-19
My country:

Search

Close

Breadcrumb

  • Cymraeg

Share this page:
  • Twitter
  • Facebook
  • LinkedIn

Apply Now

Find out how to apply

Postgraduate Tuition Fees

View our full tuition fees information

Register your interest in PG study

Register now

Module BIC-1005:
Introduction to Economics

Module Facts

Run by Bangor University International College

20.000 Credits or 10.000 ECTS Credits

Semester 1 & 2

Organiser: Mrs Laura McKenzie

Overall aims and purpose

This module is designed to introduce microeconomics and macroeconomics principles, concepts and models of analysis. It aims to provide students with a basic understanding of different economic systems, basic economic problems, concept of scarcity, economic resources and other economic concepts. This unit focuses largely on the working of free market and demonstrates how economic decisions in respect of resource allocation are based on market demand, supply and prices. The role of government to safeguard the interest of the consumers and producers and to improve the economic efficiency of the free market outcome is examined. The level of competition and efficiency of the free market equilibrium under the different market structures are investigated.

The module will assist students to develop basic mathematical skills through solving simple market demand and supply equations to find market equilibrium and applying simple calculus to estimate the elasticity of demand and supply; It will develop basic mathematical skills through solving aggregate demand and aggregate supply equations to find macroeconomic equilibrium;

The module will help develop team work, group skills and verbal communication skills through group discussion, presentation and other group activities; analytical and decision making skills through case study assignments; research skills through collecting, collating, analysing and interpreting data for case study analysis and written report; and planning and writing skills through essay style exam questions and written report.

Course content

Introduction to microeconomics Basic economic problems, scarcity, choice, opportunity costs, economic resources, production possibility frontier

Demand, supply and market equilibrium Demand for goods, determinants of demand, demand curve, supply of goods, determinants of supply, supply curve, price and output determination, market equilibrium, consumer surplus, producer surplus, interrelationship between markets: joint demand, competitive demand, composite demand and joint supply

Elasticity Price elasticity of demand and its determinants, cross price elasticity of demand, income elasticity of demand, supply elasticity and its determinants, relationship between price elasticity of demand and consumer expenditure

Types of goods Normal goods, inferior goods, luxury goods, necessary goods, Giffen goods, Veblen goods and quality goods

Price control, indirect tax and subsidy Minimum price, maximum price, indirect taxes and subsidies, relationship between tax, subsidy and elasticity

Economic efficiency and market failure Role of the market and function of prices, economic efficiency: productive efficiency and allocative efficiency, market failure and reasons for market failure: externalities, public goods and merit goods, government intervention to correct market failure

Theory of production Short run production, fixed factors and variable factors, diminishing marginal returns, long run production, returns to scale; constant, increasing and decreasing returns to scale

Cost of production, revenue and profits Economic costs and opportunity costs, short run cost of production: fixed costs and variable costs, total cost, average cost and marginal cost, diminishing returns and short run average and marginal costs, long run cost of production: economies of scale and long run average cost, revenue: total revenue, average revenue and marginal revenue, profit maximization, normal profit and economic (super normal) profit

Introduction to market structure Key characteristics of a market, competition and market structure, types of markets: perfect competition, monopoly, imperfect competition: monopolistic competition, oligopoly

Introduction to macroeconomics Overview of macroeconomics, macroeconomic objectives, business cycles, circular flow of income, measures of national income

Economic growth Measure of economic growth, output gap: potential and actual output, causes of economic growth, costs and benefits of growth, UK economic growth

Unemployment Measure of unemployment, types of unemployment, costs of unemployment, UK unemployment

Inflation Meaning of inflation, measure of inflation, causes of inflation, costs of inflation, UK inflation

Balance of payments Definition, components of balance of payments, current account deficit and surplus, factors affecting current account balance, policies to reduce a current account balance, UK current account

Aggregate demand Meaning and components of aggregate demand, aggregate demand curve, shifts in aggregate demand curve, multiplier

Aggregate supply and equilibrium national output

Meaning of aggregate supply, short run and long run aggregate supply curves: Classical and Keynesian models, macroeconomic equilibrium, equilibrium national output in the short run and long run, shifts in aggregate demand and aggregate supply on equilibrium national output, economic growth, unemployment, inflation and current account balance.

Macroeconomic policy: Fiscal policy, monetary policy and supply side policies Definition, fiscal policy instruments: government spending, taxation and borrowing, budget deficit, government borrowings and crowding out effect, expansionary and contractionary fiscal policy, automatic fiscal stabilisers, monetary policy instruments: interest rate and money supply, loose and tight monetary policy, supply side policies: market oriented and interventionist, effects of fiscal policy, monetary policy and supply side policies on aggregate demand and aggregate supply, effects of macroeconomic policies on macroeconomic objectives

Assessment Criteria

threshold

Threshold (D- to D+) (40-49%) Student has shown sufficient grasp of some of the topics studied to have achieved the lowest level of pass which allows progression onto an undergraduate degree programme

excellent

Excellent (A- to A*) (70-100%) Student has demonstrated consistent engagement with all topics and issues studied in the module and attained a grade which shows the ability to study effectively at undergraduate degree level.

good

Good (C- to B+) (50-69%) Student has demonstrated a sound, basic knowledge of most of the topics and issues covered in the module and achieved a grade showing clear suitability for study at undergraduate degree level.

Learning outcomes

  1. Analyse the macroeconomic policy objectives and ways in which governments use macroeconomic policy instruments to accomplish macroeconomic policy objectives

  2. Collect and collate data and information, and analyse data and information to present in a written format

  3. Demonstrate understanding of key concepts within the subject area and, use oral, written and presentation skills to explain and make effective arguments on critical issues

  4. Apply knowledge and understanding of key theories to practical situations using a range of problem solving skills.

  5. Use economic concepts of opportunity costs, optimization, and cost and benefit analysis to make rational business and economic decisions

  6. Demonstrate knowledge and understanding of the scope and concepts of macroeconomic and microeconomics theories and models

  7. Apply knowledge and understanding of key theories to practical situations, problem solving and complete formal assessments successfully

Assessment Methods

Type Name Description Weight
Term 1 - Case Study Analysis 20.00
Term 2 - Presentation and Discussion 20.00
Term 1 - Exam 30.00
Term 2 - Exam 30.00

Teaching and Learning Strategy

Hours
Private study

Private study - 5 hours a week

100
Lecture

Lecture - 1 hour a week lecture of key concepts

20
Seminar

Seminar - 4 hours a week of seminars

80

Transferable skills

  • Exploring - Able to investigate, research and consider alternatives
  • Information retrieval - Able to access different and multiple sources of information
  • Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
  • Presentation - Able to clearly present information and explanations to an audience. Through the written or oral mode of communication accurately and concisely.
  • Teamwork - Able to constructively cooperate with others on a common task, and/or be part of a day-to-day working team
  • Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting

Resources

Talis Reading list

http://readinglists.bangor.ac.uk/modules/bic-1005.html

Reading list

John Sloman, Alison Wride and Dean Garratt (2018), Economics, 10th edition, Pearson education Ltd

Paul Krugman and Robin Wells (2018) Economics, 5th edition, Worth Publishers

Courses including this module

Compulsory in courses:

  • N406: BSc Accounting and Finance (Bangor International College) year 1 (BSC/BICAF)
  • L192: BSc Business Economics (Bangor International College) year 1 (BSC/BICBE)
  • N324: BSc Banking and Finance (Bangor International College) year 1 (BSC/BICBF)
  • N201: BSc Business Management (Bangor Uni International College) year 1 (BSC/BICBM)
  • N203: BSc Business Man with Acc (Bangor Uni International College) year 1 (BSC/BICBMA)
  • N202: BSc Business Man & Finance (Bangor Uni International Coll) year 1 (BSC/BICBMF)
  • N105: BSc Business Studies (Bangor International College) year 1 (BSC/BICBS)
  • N106: BSc Business Stud & Finance (Bangor International College) year 1 (BSC/BICBSF)
  • L193: BSc Financial Economics (Bangor International College) year 1 (BSC/BICFE)
  • NN24: BSc Management with Account (Bangor International College) year 1 (BSC/BICMNA)
  • N503: BSc Marketing (Bangor International College) year 1 (BSC/BICMRK)

Home

Study

  • Postgraduate Taught Study
Home

Follow Us

  • Twitter
  • Facebook
  • Instagram
  • Youtube
  • LinkedIn

Bangor University

Bangor, Gwynedd, LL57 2DG, UK

+44 (0)1248 351151

Contact Us

Visit Us

Maps & Directions

Policy

  • Legal Compliance
  • Modern Slavery Act 2015 Statement
  • Accessibility Statement
  • Privacy and Cookies
  • Welsh Language Policy
Map

Bangor University is a Registered Charity: No. 1141565

© 2020 Bangor University