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Aims and learning outcomes
Aims and learning outcomes
Teaching and learning in Economics is designed to engender the following aims and learning outcomes over the course of your studies. Some aims and learning outcomes are programme-specific while others are applicable for all programmes in Economics. We do not expect you to achieve all the aims and learning outcomes listed below during your first year, but you should be making some progress on all of them.
Aims
The common aims for all undergraduate Economics degree programmes are:
A1 To provide a stimulating, supportive, flexible, structured and progressive education in the principles of economics and their application, in which high quality teaching, informed by an active research environment, motivates all students to achieve their full potential.
A2 To equip all students with the analytical tools to understand economic problems, decision making and policies.
A3 To develop in all students, through the study of economics, a range of skills that will be of value in future employment.
A4 To provide all students with the knowledge, analytical and presentational skills from which they can proceed to further study in Economics or employment in a related area.
Different economics programmes have additional aims:
PA1 European Economics aims to enhance the learning experience through a well organised opportunity to study Economics in another country and to develop appropriate language skills.
PA2 Business and Economics aims to provide knowledge and skills in the use of Economics in analysing business problems and issues.
PA3 Joint and multidisciplinary degrees aim to provide the opportunity for students to develop their understanding of another discipline or disciplines, and an appreciation of the approaches, methods and application of that discipline.
Learning outcomes
On successful completion of their programme, all students will have:
O1 A good understanding of the main concepts, theories and methods of modern economic analysis and the application of Economics in different areas.
O2 Good analytical skills that will allow them to formulate and consider a range of economic problems and issues.
O3 Knowledge and understanding of economic issues and policies and be critical of their discussion in politics and the media.
O4 Skills in numeracy, oral and written communication, problem-solving, Information Technology, critical thinking and improving their own learning and performance.
O5 Independence in initiating and executing work.
In addition, students successfully completing undergraduate programmes in Economics will have:
PO1 A good understanding of the basic statistical techniques used by economists to interpret data and a critical understanding of how to analyse economic data (all single and with honours programmes).
PO2 The necessary skills to carry out and present an independent piece of economic research (all single honours programmes and an option for other programmes).
PO3 An ability to understand basic econometric theory and carry out applied econometric investigations using appropriate software (Economics with Econometrics).
PO4 An appreciation of the approaches to the study of Economics in another country (all European Economics) and written and oral fluency in a second language (European Economics (French/German/Spanish), Economics with a Language (French/German/Spanish) and European Studies (Economics)).
PO5 Expertise in areas of computing (Economics with Computing).
PO6 The ability to apply economic analysis to business problems and an understanding of other approaches to the analysis of business issues and problems (Business and Economics).
PO7 A good understanding of another discipline (Joint and Multidisciplinary degrees).
Subject benchmark statement
Subject benchmark statement
Subject benchmark statements provide a means for the academic community to describe the nature and characteristics of programmes in a specific subject. They also represent general expectations about the standards for the award of qualifications at a given level and articulate the attributes and capabilities that those possessing such qualifications should be able to demonstrate. This subject benchmark statement, together with the others published concurrently, refers to the bachelors degree with honours. Subject benchmark statements are used for a variety of purposes. Primarily, they are an important external source of reference for higher education institutions when new programmes are being designed and developed in a subject area. They provide general guidance for articulating the learning outcomes associated with the programme but are not a specification of a detailed curriculum in the subject. Benchmark statements provide for variety and flexibility in the design of programmes and encourage innovation within an agreed overall framework. Subject benchmark statements also provide support to institutions in pursuit of internal quality assurance. They enable the learning outcomes specified for a particular programme to be reviewed and evaluated against agreed general expectations about standards.
Academic standards - Economics
1 The nature and context of Economics
1.1 Economics is the study of the factors that influence income, wealth and well-being. From this it seeks to inform the design and implementation of economic policy. Its aim is to analyse and understand the allocation, distribution and utilisation of scarce resources. Economics is concerned both with how present allocations arise and how they may change in the future. Study of Economics requires us to understand how resources are used and how households and firms behave and interact. This understanding is required at both the individual (micro) and the aggregate (macro) level. The analysis is both static (dealing with output, employment, income, trade and finance) and dynamic (dealing with innovation, technical progress, economic growth and business cycles). The study of Economics requires an understanding of resources, agents, institutions and mechanisms. Moreover, since virtually no economy operates in isolation, it is important that these phenomena are studied in an international context.
1.2 Economics is a key discipline in the social sciences. Its subject matter engages with other subject areas such as psychology, politics, sociology, anthropology, geography, history and law. It also uses mathematics and statistics and is engaging increasingly with sciences such as biology, environmental science and medicine. Furthermore, since knowledge of economics is essential for an understanding of business behaviour, strategy and corporate performance, it is one of the central disciplines underpinning the study of business and management and related areas. Recognition of these interrelationships, and the increasing number of students who are choosing to study economics jointly with another subject, or as an integral part of a business and management degree, have led to new and imaginative degree programmes. Their design has been influenced by the appreciation that a training that includes Economics provides significant employment opportunities in a variety of careers in addition to working as a professional economist.
1.3 This points to certain key intellectual features that characterise the economist's approach. First there is the ability to abstract and simplify in order to identify and model the essence of a problem. Second is the ability to analyse and reason - both deductively and inductively. Third is the ability to marshal evidence and to assimilate, structure, and analyse qualitative and quantitative data. Fourth is the ability to communicate concisely results to a wide audience, including those with no training in Economics. Fifth is the ability to think critically about the limits of one's analysis in a broader socio-economic context. Sixth is the ability to draw economic policy inferences and to recognise the potential constraints in their implementation.
To read the subject benchmark statement in full, click here to download the pdf.
Programme classification
Programme classification
Honours degrees are awarded on the basis of either the 'average' method, or the 'preponderance' method or both the 'average' and the 'preponderance' methods.
'Average' method of classification
A candidate who has met the requirements for the award of an Honours degree will be placed in an Honours class based on the average mark, with modules weighted as agreed by the Faculty Board and calculated to one decimal place, over all modules in stages 2, 3 and, where relevant, 4 of the programme of study according to the following table:
| First Class Honours | 70 and above |
| Upper Second Class Honours | 60 - 69.9 |
| Lower Second Class Honours | 50 - 59.9 |
| Third Class Honours | Below 50 |
'Preponderance' method of classification
A candidate who has met the requirements for award of an Honours degree will be placed in an Honours class on the attainment of: at least the following number of credits in that class or above AND at least the following average mark over the examination as a whole:
For degrees with 240 contributing credits:
| Class | Number of credits in class or above | Average mark over all contributing modules |
|---|---|---|
| First Class Honours | 120 |
65 |
| Upper Second Class Honours | 135 |
57 |
| Lower Second Class Honours | 150 |
48 |
| Third Class Honours | 240 |
Not applicable |
For degrees/students with contributing credits other than above:
| Class | Number of credits in class or above | Average mark over all contributing modules |
|---|---|---|
| First Class Honours | 50% |
65 |
| Upper Second Class Honours | 55% |
57 |
| Lower Second Class Honours | 62.5% |
48 |
| Third Class Honours | 100% |
Not applicable |
The Board of Examiners may recommend, in exceptional circumstances, that a candidate be awarded a class of degree higher than that which would be derived from the application of the Conventions set out above.
Economics Diploma programme classification
Conventions relating to the award of the Diploma are as follows:
'with Merit':
an average mark over all contributing modules of 57 or above and a mark of 60 or above for 55% or more of the credits obtained
'with Distinction':
an average mark over all contributing modules of 65 or above and a mark of 70 or above for 50% or more of the credits obtained
Note that the passing of the Diploma is a distinct concept from the classification into with Merit or with Distinction. To pass the Diploma you have to obtain 120 credits at the appropriate level.
The Board of Examiners may recommend, in exceptional circumstances that a candidate be awarded a diploma classification higher than that which would be derived from the application of the Conventions set out above.
Marking criteria for coursework
Marking criteria for coursework
Stage 1
Stages 2 and 3