Introduction to Economics - EC302

Location Term Level Credits (ECTS) Current Convenor 2018-19
(version 2)
Autumn and Spring
View Timetable
4 30 (15) DR P Pacheco Lopez




Not available to students on single and joint honours degree programmes in Economics, including joint degree Accounting and Finance and Economics.



This module has been designed for students who need to study what is often described as a Principles of Economics course. Each economics topic is introduced assuming no previous knowledge of the subject. The lectures and related seminar programme explain the economic principles underlying the analysis of each topic and relate the concepts to the real world. In particular, many examples are taken from the real world to show how economic analysis and models can be used to understand the different parts of the economy and how policy has been used to intervene in the working of the economy.

This module aims to introduce you to the basic principles of Economics, to the main ways in which economists think about problems and to the important current economic issues in the United Kingdom, the European Union and the world economy. The module is self-contained, so that if you do not study Economics further, you should have a basic understanding of economic methods and debates. It is also suitable as a basis for further modules that you may take in economics, either as part of another degree programme or as part of a future professional qualification.


This module appears in:

Contact hours

42 lectures and 20 seminars


Compulsory for all students on Accounting and Finance degrees (except those on a joint degree with Economics). Available as a wild module for students within all Faculties.

Method of assessment

20% coursework (two essays, two in-class tests), 80% three-hour end-of-year exam

Indicative reading

Richard Lipsey and Alex Chrystal, Economics, Oxford University Press, 13th ed, 2015
Michael Parkin, Melanie Powell and Kent Matthews, Economics, Addison-Wesley, Pearson Education, 8th ed, 2012
'The Economic Review', Philip Allan, quarterly periodical

See the library reading list for this module (Canterbury)

See the library reading list for this module (Medway)

Learning outcomes

By the end of the module, you will
be able to follow analysis of economic problems, construct your own economic arguments and offer critical comments on the arguments of others
be able to present economics arguments and ideas in seminars
be able to write economics essays and answers to short economics questions
be able to work in a group on economics seminar problems
have been introduced to the following economics topics: supply and demand; allocation of resources; trade; exchange; organisation of markets; consumer, producer and government decision making; distribution of income; poverty; market failure; the environment; government policy; national income; unemployment; inflation; economic growth; business cycles; macroeconomic models; government spending and taxation (fiscal policy); money; interest rates (monetary policy); macroeconomic control of the economy (stabilisation using fiscal and monetary policy); the financial crisis; and balance of payments and exchange rates.

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