Introduction to economics EC1002

This course will introduce you to the fundamentals of economic analysis and reasoning. It is the course upon which subsequent, more specialised economics courses are based.

Prerequisites / Exemptions

You must take this course either with or after:

  • Statistics 1 (ST104A)
  • Mathematics 1 (MT105A) or Calculus (MT1174).

Topics covered


  • The Theory of Consumer Behaviour
  • The Theory of the Firm
  • Markets: Demand and Supply
  • Factors Market
  • Coordination and Welfare


  • Aggregation
  • The Goods Market
  • Money and Banking
  • General Equilibrium
  • Prices, Inflation and the Phillips Curve
  • Unemployment
  • Exchange Rate Determination and the Money Sector
  • Economic Growth
  • Business Cycles
  • International Trade

Learning outcomes

If you complete the course successfully, you should be able to:

  • Describe and evaluate the models and methods used in economic analysis.
  • Formulate real world examples in the language of economic modelling.
  • Apply and use the economic models to analyse these issues.
  • Assess the potential and limitations of the models and methods used in economic analysis.


Unseen written exam (3hr).

Essential Reading

  • Primary textbook: Begg, D., S. Fischer and R. Dornbusch
    Economics. (McGraw Hill).
  • Supplementary textbook: Lipsey, R.G. and K.A. Chrystal Economics. (Oxford University Press).

Course information sheets

Download the course information sheets from the LSE website.