All undergraduates studying Economics begin with this course. There are approximately 50 lectures, spread over two terms, covering Introductory Microeconomics, Introductory Macroeconomics, Probability & Statistics and the mathematical techniques required for studying Economics. Students normally have around 16 accompanying tutorials or small classes, arranged by their college tutors, at which the topics introduced in the lectures are discussed in more depth. They are expected to prepare for these sessions by completing a substantial amount of set reading, and submitting written work consisting of essays and answers to problems or short questions.
Introduction to Microeconomics:
Elementary economics including: consumer theory; producer theory; market equilibrium with perfect competition, monopoly and imperfect competition; factor markets; partial equilibrium analysis of welfare, market failures and externalities. Elementary mathematical economics: applications of functions and graphs, differentiation, partial differentiation, maxima and minima, optimisation subject to constraints.
There is no set textbook. Textbooks at an appropriate level include:
- The Core Team, The Economy
- H.R. Varian Intermediate Microeconomics
- M.L. Katz and H. S. Rosen Microeconomics
- M. Steven The Maths Workbook (written specifically for this course, available on WebLearn)
- G. Renshaw Maths for Economics
For more information, please see: Introductory Economics (ox.ac.uk)
Introduction to Macroeconomics:
The relevant part of the rubric for Introductory Economics in the Preliminary Examinations is: national income accounting, the determination of national income and employment, monetary institutions and the money supply, inflation, balance of payments, exchange rates.
The textbook is:
- Charles I Jones, Macroeconomics, 3rd edition
For more information, please see: Introductory Economics (ox.ac.uk)
Introduction to Probability & Statistics
This part of the course covers probability, statistics and causal inference. For further information, please see the course page on Canvas: https://canvas.ox.ac.uk/courses/294545/pages/3-dot-0-overview-and-instructions-2
Assessment: A 3-hour written examination takes place at the end of the Trinity Term. This accounts for 25% of the overall mark for the year as a whole. The paper includes three parts, Microeconomics, Macroeconomics and Probability & Statistics. Candidates must answer at least one question from each part and four in total.
An additional sequence of Introduction to Mathematical Methods classes is provided by the Economics Department for students who have not previously studied mathematics beyond GCSE level or the equivalent. Tutors will sign their students up for these. This material is not separately examined. It is designed to help students who need it to acquire the mathematical skills needed to sit the Introductory Economics paper.