Keele University Prospectus Undergraduate | 2016 | Page 84

BUSINESS AND MANAGEMENT

Economics
Overview

The Economics course at Keele provides a thorough
and stimulating training in the economic analysis of
issues of social importance and policy relevance.
It has been designed to provide a sound base if
you are seeking to follow a career as a professional
economist. At the same time it builds bridges
with other subjects especially finance, geography,
business management, mathematics and politics
and therefore provides excellent training for a wide
range of career opportunities.
Our programme has a sequential structure that starts
from first principles and gradually builds up your
understanding of economic ideas and analytical
tools. No prior knowledge of economics is assumed.
Modern economics uses a range of mathematical
techniques to study real world economic behaviour
and graduates with competence in such techniques
are much sought after by employers.
Our student-run Keele Economics and Finance
Society, awarded the Most Improved Society Award
for 2013-2014, organises study groups, trips to job
fairs and events in cooperation with other societies
related to debates in economic issues. The society
also organises frequent research and investment
sessions, which include guest speakers.

Course content

First year
You will take the following core modules:
Households, Firms and Government introduces the
basic concepts of supply, demand and price, the
principles underlying household and firm decision
making and the effect of market intervention on
these decisions.
Output, Inflation and Employment examines the
determination of output at the national level and
the role of policy in influencing aggregate output,
inflation and employment.
Quantitative Methods develops basic mathematical
and statistical methods, such as calculus, probability,
hypothesis testing and univariate regression used
extensively in economics and finance.
Elective modules include:
• Strategic Thinking
• Everyday Economics
• British and Global Economy

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Second year
The second year builds upon your first year work
with a further three core modules:
Price Theory covers more advanced analysis of the
theory of the consumer and the firm, examining the
factors that underpin demand and supply in markets.
Introduction to Econometrics uses statistical
methods to investigate selected economic and
financial issues such as consumption functions,
household labour supply and asset pri cing.
Open Economy Macroeconomics examines the role
and capability of government demand management
policies in an open economy. The module
systematically develops an open economy model and
examines the efficacy of monetary and fiscal policy
for stabilising output and employment in the context
of capital mobility and flexible exchange rates.
Elective modules include:
• Contemporary Issues in Economics
• Banking
Third year
You will take the following two core modules:
Market Imperfections and Market Failure introduces
a variety of advanced topics including: imperfect
competition, decision making under risk and
uncertainty and the efficient provision of public
goods. These issues are illustrated with examples
including collusion in oligopolies, managerial
incentives, auctions, tenders and procurement issues,
and bank lending.
Dynamic Macroeconomics explores the significance
of macroeconomic dynamics and their implications
for macroeconomic modelling models and policy in
the context of key macroeconomic policy problems
such as business cycles and growth.
Elective modules include:
• Labour Economics
• Health Economics
• Economics of the European Union
• Game Theory
You will also have the opportunity to take a
structured, project-based independent study
module using the tools needed to construct
and interpret economic and business forecasts.