Professor A Young, STC. S377

Compulsory for BSc Accounting and Finance, BSc Actuarial Science, BSc Econometrics and Mathematical Economics, BSc Mathematics with Economics, BSc Economic History with Economics, BSc Economics, BSc Economics and Economic History, BSc Economics with Economic History, BSc Environmental Policy with Economics, BSc Environment and Development, BSc Geography with Economics, BSc Government and Economics, BSc Management, BSc Mathematics and Economics, BSc Mathematics with Economics, BSc Philosophy and Economics and BSc Social Policy and Economics. Optional for BSc Business Mathematics and Statistics, BSc Economic History, BSc Environmental Policy, BSc Human Resource Management and Employment Relations, BSc Industrial Relations and Human Resource Management, BSc Management Sciences and BSc Social Policy. Available as an outside option.

This is an introductory course in microeconomics and macroeconomics for those expecting to take further courses in economics. Knowledge of A-level economics is an advantage, while some knowledge of mathematics (eg elementary calculus) is strongly recommended. Students without a mathematical background need to take an introductory mathematics course, such as Basic Quantitative Methods, at the same time. EC102 is unavailable to anyone who has passed Economics A.

Part A Supply and demand: consumer choice; characteristics of individual market demand; information & signalling; altruism & cooperation; theory of the firm; perfect competition, monopoly & price discrimination; externalities & property rights; public goods.

Part B Measurement of the aggregate economy; money & inflation; trade & exchange rates; unemployment; economic fluctuations; stabilization policy; growth & development.

Lectures EC102: 20 MT and 20 LT

Classes EC102.A: 20 Sessional.

Two problem sets in MT and two problem sets in LT.

In addition to the main textbooks below, students without A-level Economics may find it helpful to also consult a good introductory textbook, such as N Gregory Mankiw, Principles of Economics (4th edn, South-Western, 2007) or P Krugman, R Wells & K Graddy, Economics (European edn, Worth Publishers, 2007).

Part A: Robert H Frank, Microeconomics and Behavior (8^th edn, McGraw-Hill), 2009;  Marshall Jevons, The Fatal Equilibrium (Ballantine Books), 1986.

Part B: N Gregory Mankiw & Mark P Taylor, Macroeconomics: European Edition, Worth publishers, 2008.

A three-hour written examination in the ST, based on the full syllabus of parts A and B of the course.