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BA (Hons) Economics

Course Overview

Economics study is primarily concerned with the production and consumption of goods, and how wealth is created, lost and transferred globally. This dynamic degree introduces the core concepts, practices and techniques of economics and considers how they have evolved over time. Through stimulating theory and debate you will explore the key factors that influence economic forces, such as wealth and income creation and the nature of our most precious resources; how they are allocated, distributed and used.

You will develop your understanding of the role and significance of economics across society as a whole and gain a thorough grounding in micro and macro-economic theory and principles, alongside economic policy, which will provide a firm foundation in the study of economic systems.

You will learn to assign the application of economic theory to international trade and business; the impact of economics to decision-making; quantitative and computing methods applicable for economics and finance; and business across a number of chosen economic areas.

This degree can lead to a wide range of careers across the finance, economics and policy sectors.

Key information

    Course name

    BA (Hons) Economics

    Total academic credits

    360 credits

    Qualification awarded

    BA with honours

    Awarding body

    Middlesex University

    Professional recognition

    No

    Academic level

    Undergraduate (QCF_NQF Level 6)

    Study mode

    Full time

    Duration

    3 year or 4 years with work placement

    Tuition fees

    £11,500 per year

    Intakes

    September

    Work placement

    Yes

    Course location

    London

Academic entry requirements

• 260 UCAS tariff points
• GCSE English and Maths with a minimum of Grade C are required
• BTEC National Diploma/International Baccalaureate/Advanced Progression Diplomas
• Access to HE Diploma
• International students should meet equivalent of the above qualifications from a recognised overseas qualification
• If you are unable to meet the entry requirements for this course you may still be eligible for Foundation year course. This is an extra year of study to prepare you for the full degree
• If you have achieved a qualification such as a foundation degree or HND, or have gained credit at another university, you may be able to enter a Middlesex University course in year two or three.

English entry requirements

Students for whom English is not the first language must satisfy the University requirement for IELTS currently at 6.0 overall, with no less than 5.5 in any component.

Progression route

Further academic study at postgraduate level in economics, finance, business, management etc. or professional career.

Career opportunities

An Economics degree builds both subject specific and transferable skills, making it an ideal study choice for launching a career across both the public and private sectors: from banking and finance, to economics consultancy. You could become an economist, accountant, analyst, or statistician and work across government departments and think tanks, banks (both high street and city), insurance and accountancy firms, private consultancies, and charitable and not-for-profit organisations.

Modules

Year 1

Compulsory

  • Principles of Microeconomics (30 credits)
  • Principles of Macroeconomics (30 credits)
  • Statistics & Inference (30 credits)
  • Quantitative Techniques i (30 credits)


Optional

  • Placement (60 credits)

 

Year 2

Compulsory

  • Intermediate Microeconomics (30 credits)
  • Intermediate Macroeconomics (30 credits)
  • Economic Policy & Analysis (30 credits)
  • Applied Econometrics i (30 credits)


Optional

  • Placement (60 or 120 credits)

 

Placement year

The university encourages students to either undertake a paid work placement during their studies as a year-long assignment between year two and three, or to undertake an internship; either full-time over the summer following your second year of study, or part-time throughout the course of your final year.

The paid, year-long work placement exempts you from paying tuition fees for the full academic year; ensuring you gain the necessary practical skills to embark on your chosen career.

Work experience in the form of placements and internships greatly improve graduate employment prospects, and students who take part achieve excellent academic results through applying their learning in a professional setting.

The university’s specialist Employability Service and London location ensure that every year our students and graduates gain prestigious placement opportunities.

 

Year 3

Optional

  • Applied Econometrics ii (30 credits)
  • Trade: Theory & Policy (30 Credits)
  • Monetary Policy (30 credits)
  • Financial Risk Management in Banking (30 credits)
  • Behavioural Economics (30 credits)
  • Social Network & Labour Economics (30 credits)
  • Development Economics (30 credits)
  • Experimental Economics (30 credits)
  • Banking Theory & Practice (30 credits)
  • Industrial Organization (30 credits)

 

Assessment methods
You will be assessed through exams, tests, reports and other written coursework and presentations, as well as your performance in seminars and workshops. You will receive informal feedback from your tutor in seminars and after class tests.

 

Main learning outcomes

The BA (Hons) Economics course aims to:

  • provide students with an appreciation of basic microeconomic analysis as a basis for understanding the operation of a market economy, an awareness of the microeconomic effects of economic policy, and a good background in microeconomics to prepare the student for further microeconomic study
  • provide an appreciation of basic macroeconomic analysis as a basis for understanding the operation of a market economy, an awareness of the policy options and dilemmas facing the government as well as the macroeconomic effects of economic policy, and a good background in macroeconomics to prepare the student for further macroeconomic study
  • introduce students to the analysis and interpretation of quantitative data. Topics include summary statistics, probability, random variables and probability distributions, statistical inference, point estimation and confidence intervals
  • introduce the basic mathematical concepts used in economic analysis. These include the basic properties of functions, univariate and multivariate calculus and matrix operations. The course serves as a basis for second year economics courses
  •  provide students with an understanding of microeconomic theories that can be used to explain and predict the behaviour of consumers and firms
  • explore the nature of the firms and their markets; explain and evaluate theories of consumer and investor behaviour; analyse and compare the firm s production and pricing policies given profit maximisation and alternative business objectives
  • introduce students to special topics in microeconomics such as asymmetric information and externalities
  • provide students with an understanding of the macroeconomic environment through a study of the models and techniques of macroeconomics at an intermediate level and an appreciation of current controversies with respect to the formulation, implementation and impact of macroeconomic policies
  • develop students' ability and skills to analyse and critique on the purpose and effectiveness of current economic policies and their implications on all walks of lives.  Research, analytical, communication, presentation and inter-personal skills will be sharpened through student-centred activities such as group discussion, regression analysis, debate, presentation and report writing.  Awareness of current economic issues and policies and their economic underpinnings would be raised and emphasised.  Ideas on how existing policies could be improved or modified would also be cultivated
  • help students understand the basic principles of econometric analysis and how econometrics can be used to test economic theories
  • provide students with the skills to analyse data, estimate and interpret econometric models
  • introduce the students to a range of econometric techniques and their application using econometrics computer software including Excel and Gretl
  • review elements of statistical/econometrics from a practical and intuitive viewpoint
  • cover new topics on advanced time series, forecasting, binary choice models, count data model, instrumental variables in panel data models and selection methods, such as the bayesian model averaging. Students should be able to recognise data problems, specify and estimate econometrics model for policy analysis and being able to undertake empirical research individually and independently. They will also have the opportunity to learn econometrics package "R" in the computer labs
  • provide balanced coverage of the key concepts of international trade theory and its policy applications in the world economy
  • develop students' knowledge and analytical tools to explain patterns of trade and specialisation using the classical models such as Ricardo and Heckscher-Olin and the more recent models of monopolistic competition. Students will learn to identify welfare gains from trade and the effects of international trade on income distribution
  • provide the basis to evaluate key issues in trade policies, the WTO, and trade agreements
  • provide students with; - an understanding of money , monetary standards and the monetary sector; - an understanding of the evolution of monetary and banking economic theory and the seminal controversies since Hume and Bagehot; - the ability to apply monetary theory to public policy in a domestic and international context; and - investigate emerging and current issues of monetary policy and banking; - analyse public policy and safety of the financial system; - develop specialist knowledge suitable for further development via postgraduate study or professional employment
  • allow students to develop an understanding of the process of financial risk management in banking, including financial markets and instruments, derivatives, various bank risks and their management, financial crisis and securitization, regulations, and the effect of accounting standards
  • provide students the opportunity to develop risk modelling skills, analytical and numerical skills in banking risk management practice
  • provide a comprehensive exposure to the insights and methods of behavioural and experimental economics
  • provide a formal framework for the analysis of strategic interactions, and as such is designed to introduce the main solution concepts in Games of Strategy
  • assess the predicted power of the different solution concepts when it comes to actual human behaviour and real experimental data. Recent findings from behavioural and experimental design are discussed and departures from equilibrium predictions are rationalized using alternative solution concepts. Applications and everyday examples are provided of problems facing individuals, groups and organisations when making economic decisions in a complex world
  • provide students with a set of tools to analyse the effects of social networks on employment, inequality, productivity and labour mobility and migration. Students will become familiar with theories, methods and techniques used by labour economists and will have the opportunity to apply them to topics of interest. For example, students will learn techniques developed for social network analysis to identify the human resources strategies that would maximize productivity in the workplace
  • provide a broad overview of social network techniques and their applications to the labour market
  • focus on human capital investment, employment, productivity, discrimination in the labour market and labour mobility and migration
  • develop students' knowledge in microeconomic theories that can be used to explain and predict problems in economic development faced by developing countries
  • provide analytical tools to develop students' critical thinking on economic aspects of the development process in low and middle-income countries.  Students will learn to analyse a range of problems in economic development and to identify advantages and disadvantages of public policies aiming at solving or reducing these problems
  • provide students with an advanced understanding of the principles of experimental design in experimental economics; special issues concerning current topics in experimental economics; field experiments and Randomized Control Trials (RCTs)
  • build student knowledge of banking. It approaches banking from an economic perspective (but with some basic accounting included) with an aim to: explore the complexity and integrated nature of financial systems with emphasis on the UK and the USA; identify and assess different systems of allocating funds for economic development; develop students' ability to apply introductory risk management tools and techniques in banking, and investigate emerging issues and contemporary trends in banking theory and practice
  • develop students' knowledge of firm strategic behaviour in markets
  • provide analytical tools for students whereby they can understand concepts such as market concentration, monopoly power, price discrimination and firm strategic interaction in markets. Students will learn how location is an important determinant for firm markets power and provides a strategic advantage to a firm. They will learn to evaluate key issues about market structure and their implications for different strategies as well as to apply economic theory to the decision making process of firms