BSc Economics & Finance

About Course

Overview

This course focuses on the principles of macro- and microeconomics and econometrics and their impact on the world around us, from the individual to organisational level and on a global scale.

The ongoing effects of the financial crisis means there has never been a more exciting time to be involved with this subject. This current and highly relevant degree gives you a broad understanding of economics and finance.

You will gain an extensive knowledge of economic and financial theory and will develop strong analytical, empirical and interpretive skills that are highly valued by employers and that will put you ahead of the game in terms of employability.

Taught by experts with significant industry and research experience, if you are interested in a future in the financial services industry – working in areas such as banking, accountancy, insurance and investment analysis or financial management – then this is the course for you.

Course content

This popular degree enables you to learn about the rapidly developing subject of finance, within the broader study of economics. Based in one of the largest Economics departments in the UK with one of the highest proportions of research-active staff, you will benefit from learning with those at the cutting-edge of their subjects.

The first year of our economics courses introduce the key areas that underpin the rest of the course. In Years 2 and 3 you will consolidate and expand upon this knowledge via a series of core and option study modules which have been developed to give you a thorough understanding of the subject and enable you to tailor the degree to fit your academic and career interests.

Year 1 Compulsory modules

The first year provides a broad introduction, covering everything from small scale economic decisions at an individual and local level through to issues that impact upon national and international economies.

Course Content

Module: Introductory Economics
This module introduces students to core elements of economic theory which forms the basis of the Macro and Micro modules in the Semester 2 of first year. Understanding a number of concepts, like specialisation, markets, competition, rational behaviour and the structure of the economy are key learning outcomes from this module and prepare students for further study in Economics and related subjects. Module content Indicative content includes:  The definition of economics and rational behaviour,  Specialisation and opportunity cost,  Markets, prices and elasticity,  Government intervention in the price system  The competitive firm,  Measuring economic welfare,  Utility theory,  Aggregate Demand in a closed or an open economy,  The IS-LM model of the economy Module aims  Introduce students to core elements of economic theory in order to prepare for the material in Principles of Micro I and Macro in Semester 2 of first year.  To introduce students to the study of economics at University-level.  This includes the use of economic language, diagrams and elementary mathematical models.  Students will start to connect empirical evidence to economic theory and link this to real world problems of choice under constraints.

Module: Quantitative Methods
Module Overview This module ensures that every student acquires the basic mathematical and statistical skills necessary for their subsequent modules, irrespective of their prior education. Students will learn to solve mathematical optimisation problems, which lie at the heart of every economic model. This module will provide students with techniques for maximising real-valued functions with one variable; functions with several variables will be covered in subsequent modules. Economic applications of the mathematical techniques are emphasised throughout. Module content Indicative content includes:  Numbers, sets, logic  Mathematical functions of one variable, including linear, quadratic, logarithmic, and exponential functions  Properties of functions: monotonicity, concavity/convexity, inverse functions  Sequences and limits, differentiation  Methods for solving optimisation problems  Probability, conditional probability, Bayes’ rule  Random variables, probability distributions, including binomial, Poisson, and normal  Economic applications Module aims  Highlight the role and importance of mathematical models in economics.  Introduce students to a mathematical way of thinking.  Help students develop their ability to solve mathematical problems.  Illustrate the usefulness of mathematical methods with economic applications.  Ensure that each student acquires the quantitative skills necessary to succeed in subsequent modules.

Module: Contemporary Issues in Economics
Module Overview The module introduces a set of topics that are part of the contemporary economic discourse, and whose coverage supports and further expands on ECO1014’s teaching. Module content Indicative content includes:  Inequality  Inflation  Discrimination  Energy  Environment  Demographics  Migration Module aims  Show how core economic principles can be applied to issues of contemporary importance for the UK and the rest of the world, while also building stronger foundations for core modules of the second semester of the first year (Principles of Microeconomics and Macroeconomics).  Introduce students to key debates in current applied economics. In particular we show how economics is useful in considering a range of key debates, illustrating the range of topics that economic analysis can illuminate. Build the foundations for later modules by introducing how both micro and macroeconomics and judicious use of data allows for deeper analysis of real-world issues.

Module: Economic Data Analysis
Module Overview The recent digital revolution has led to data gathering and usage in Economics at an unprecedented scale. Public policy and business become more data-driven than ever before. This module explores the data on which economics relies and forms fundamental analytical skills. The lectures are focused on understanding the data, while the laboratory sessions are focused on examination and visualization of the data using R and MS Excel. Module content Indicatively, content includes:  Data and data structures.  Numerical examination of data.  Visual analysis of data.  Understanding causation.  Interaction between economic factors.  Measuring economic activity. Module aims  Learn how to analyse data.  Learn the application of basic statistical techniques using R and MS Excel.  Make judgements based on empirical findings.  Develop research and teamwork skills.

Module: Mathematics for Economics
Module Overview This module introduces students to a range of mathematical techniques and concepts required for the effective study of economics. It demonstrates the role mathematics plays in the formulation of economic theory and subsequent analysis. The module builds on the mathematics students have studied in the first term of Level 4 and gives students the mathematical tools needed for the study of economics at Level 5 and 6. Module content Indicative content include:  Multivariate calculus and partial derivatives  Total differentials and total derivatives  Unconstrained optimisation  Constrained optimisation: Lagrange multipliers  Implicit differentiation  Homogeneous functions and returns to scale  Integration  Mathematics of finance: evaluation of investments, computations with interest rates, sequences and series Module aims  To enable students to transform economic models into mathematical format  To develop mathematical manipulation skills in the search for a solution of an economic model  To develop ability in the interpretation of mathematical solutions in an economic context  To develop rigorous and mathematical thinking  To become familiar with a range of mathematical techniques needed for the study of economics at Level 5 and 6

Module: Principles of Microeconomics
Module Overview This module builds on the Introductory Economics module by extending the analyses of microeconomic concepts. In particular, it looks at the firm’s supply decision (involving cost and production), and the effect of market structure on the firm’s demand, studies labour markets and explains the constrained optimisation model of labour supply, introduces students to how to model risk and information problems, and covers aspects of welfare economics and market failure (with an application to the environment). The module uses maths from the Quantitative Methods and Maths for Economics modules to demonstrate the role maths can play in economic theory; and makes use of examples from empirical research, reports and news media to illustrate some of the concepts covered. By doing this, the module provides a firm foundation for more advanced microeconomics as the programme proceeds, and for optional modules that apply microeconomic principles. Module content Indicative content includes:  Costs functions and production functions  Market structure  Labour supply and labour demand  Risk  Welfare economics, market failure and government failure Module aims  Build on the Introductory Economics module by showing how firms can be analysed and how the models of perfectly competitive product and labour markets are altered when their key assumptions change, and lay a firm foundation for later microeconomic and applied microeconomic modules as the programme proceeds.  Introduce the concept of Pareto optimality and discuss both market and government failure in the context of environmental policy.  Apply the concept of constrained optimization to an individual's labour supply decision.  Introduce the idea of risk and study how this affects individuals' decisions, in the presence and absence of full information.  Demonstrate the link between the Mathematics for Economics module and microeconomic analysis.  Introduce the use of published research, policy reports and news media to help assess microeconomic analysis.

Module: Principles of Macroeconomics
Module Overview In this module we pose the 'big' questions about the economy, study the relevant data, build models that help explain what we observe, and evaluate these models. Module content The module encompasses inequality, labour and financial markets, fiscal and monetary policy, and economic growth in the short-run and in the long-run. Module aims  To help students understand how macroeconomic analysis is based on microeconomic behaviour and aggregation  Enhance students' global and cultural capabilities by adopting a global perspective to analyse the mechanics of different economic models with an emphasis on inequality within and across countries  Improve students' digital capabilities by using statistical software to analyse data and apply economic concepts

Module: Statistics for Economics
Module Overview This module introduces students to core elements of probability and statistical inference. This enables students to begin undertaking empirical work. An emphasis in this module is on applications. The module also prepares students for further study in econometrics. Module content Indicative content includes:  Probability – independent and dependent events; Bernoulli, Binomial, Normal, t and Chi-squared distributions; joint, marginal, and conditional distributions; expectation, variance, covariance, corrrelation; Law of Large Numbers; Central Limit Theorem  Statistical inference – random samples; sampling distributions; point and interval estimation; hypothesis testing with critical values and p-values; confidence intervals Module aims  To introduce students to key concepts in probability and inference.  To learn how to formulate and implement hypothesis tests.  To understand the role statistical inference plays in economic analysis.  To learn how to apply statistical concepts to address economic questions.

Module: Macroeconomic Models, Theories and Policy
Module Overview In this module the students will learn about the macroeconomic environment and the theoretical and conceptual frameworks which underpin it. It is designed to prepare the students for the more advanced level macroeconomics in the first year of their Economics programme. The module will begin with the introduction of key macroeconomic topics, i.e., economic growth and business cycles, unemployment, inflation and open economy. The focus will then move onto developing a theoretical model to study and analyse the short-run macroeconomic equilibrium. The role of fiscal and monetary policy in shaping economic outcomes will also be discussed. The methodological approach will include the use of mathematical tools in solving and analysing the theoretical models. Module content  Introduction to key macroeconomic topics, including short-run macroeconomic equilibrium, and fiscal and monetary policy. Module aims  To equip students with an up-to-date knowledge and understanding of the mainstream macroeconomic models and theories  To explain how economies function and how government policies may shape economic outcomes  To provide opportunities to students to develop technical skills to solve and analyse macroeconomic models  To discuss the impact of various shocks on economic outcomes

Module: Mathematical Methods and Applications
Module Overview A foundation level mathematics module that covers the basic mathematics relevant for Economics students. The module is designed to prepare the students for the more advanced level mathematics and problem solving in the first year of their Economics programme. The module covers a variety of economic applications in order to illustrate to the students the link between economic theory and mathematics. Module content Indicative content includes:  Review of the basics: symbols, fractions, indices  Introduction to algebra, series, functions and differentiation  Graphs of functions  Systems of linear equations  Exponential and logarithmic functions  Applications to economic theory (e.g. demand and supply, monopoly, multiplier) Module aims  To equip the students with the ability to perform basic mathematical operations.  To explain the concepts of mathematics as they pertain to economic theory.  To equip the students with the ability to use mathematical methods to represent economic models at foundation level.

Module: Research Project
Module Overview This is a guided research module where students identify and explore in detail a topic of their choice within the fields of Business or Economics, then write a 3000-word literature review on their chosen subject. The overall focus of the module is on: Module content This module provides an opportunity for students to draw together strands from previous and concurrent Foundation Year modules and apply them to an area of their own interest within a Business, Economics or Hospitality and Tourism Management context. Key module content includes:  guided discussion of the nature, value and application of research for academic purposes, at work and in their personal lives.  guided development of subject-based research questions and research objectives  how to make best use of the university library catalogue to locate resources such as e-books and online academic and professional journal articles, to evaluate these resources critically and to make use of them for academic work.  development of academic reading and writing skills from those deployed at school and college level, to prepare students to read and write extended academic texts at Foundation year and higher levels of university study. With each student working to a topic of their own choosing over the course of the semester, there are particular challenges in managing time and resources independently, meaning that students need to demonstrate both resourcefulness and resilience as learners. Individual support is built into the module to help students meet these challenges and develop the required attributes, in the form of two scheduled individual tutorial sessions, further ad hoc tutor advice sessions, Taking advantage of and learning from these support opportunities is a key part of an active approach to the module. Module aims  Give students the opportunity to develop their independent digital research skills by focusing on a topic of interest, evaluating sources and conducting an in-depth investigation  Allow students to develop their capacities of analysis and evaluation to help them present consistent and original argument for appraisal  Support students in building confidence in relevant academic and organisational skills such as reading and note-making, academic writing, using sources of evidence to support an extended written discussion, planning and structuring written work, avoiding plagiarism through paraphrasing and referencing using accepted conventions, managing their own time over an extended period of study