ECON1021: ECONOMIC METHODS

• A level Mathematics, minimum grade A or equivalent

• Principles of Economics (ECON1011).

• Calculus I (MATH1061), Single Maths A (MATH1561), Maths for Engineers and Scientists (MATH1551).

• To familiarise students with the use of mathematical and numerical tools in solving economic problems, and to provide a quantitative basis for progression to final honours. In addition, students will have the opportunity to develop key skills.

• Mathematical Section - topics are likely to include: Equations; Matrix algebra; Differential calculus; Integral calculus.
• Statistical Section - topics are likely to include: Descriptive statistics; Probability, Probability distributions; Sampling distributions; Confidence intervals; Hypothesis tests; Introduction to regression analysis

Subject-specific Knowledge:

• an understanding of basic data analysis
• an appreciation of the characteristics of economic data
• a facility with the mathematical techniques of elementary algebra and optimisation
• experience in using these techniques in economic model building and analysis

Subject-specific Skills:

• The ability to set up basic economic problems as systems of mathematical equations and solve constrained optimisation resource allocation problems
• To understand statistical distributions and basic hypothesis testing

Key Skills:

• Written Communication -by completing the summatively-assessed project
• Numeracy - e.g. by applying core mathematical and statistical skills to answer a range of examination questions
• Problem Solving and Analysis - e.g. by applying the necessary mathematical and quantitative skills to a wide range of economic problems
• Planning, Organisation and Time Management - e.g. by collecting and organising data for the statistical project and ensuring submission by the strict assignment deadline.
• Initiative - e.g. by searching relevant literature and information in preparation for the project.
• Computer Literacy and Information Retrieval - e.g. by the compulsory use of word processing and spreadsheets in the production of the summative project

• Teaching is by lectures and workshops. Learning takes place through attendance at lectures, preparation for and participation in workshops, and private study.
• Summative assessment is by means of an in-person written examination to test students knowledge and understanding of the subject-matter, a written assignment to test their ability to apply what they have learned and online tests on a continuous basis. Formative assessment is by means of online tests as preparation for the continuous assessment component of the summative assessment.

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