Economics BSc

This module introduces you to the fundamental principles of microeconomic theory, focusing on the behaviour and decision-making processes of individuals, households, and firms. You will gain a solid understanding of key microeconomic concepts, such as choice theory, market structures, consumer behavior, and firm decision-making. The module explores the practical application of microeconomic analysis to contemporary policy issues. This module provides you with the foundations in microeconomics required for advanced study.

This module introduces you to the foundations of macroeconomic theory and analysis. You will explore how economies operate at the aggregate level and develop the analytical tools needed to understand key economic indicators such as interest rates, national output, inflation, unemployment, and exchange rates. A central focus will be on understanding how these variables interact and influence one another over the short and long run. Through real-world examples and policy applications, you will learn how macroeconomic analysis informs and shapes economic decision-making and policy evaluation in both national and global contexts. Topics covered will include the determination of output and employment and the role of fiscal and monetary policy. By the end of this module, you will be equipped to evaluate the effectiveness of monetary and fiscal policies and understand the complex dynamics shaping economic outcomes in national and global contexts.

In this module you will begin learning how to analyse and interpret economic data. You will first learn how to describe data using a range of statistics, including measures of the average, and the distribution around the average. You will then learn about the principles of probability, and from there about probability distributions. Knowing the probability distribution of a random variable means we can say something about the values it is expected to take, which then allows us to test whether the data we have is consistent with hypotheses that we want to test, for example based on the predictions of economic theory. You will also begin exploring relationships between variables through correlation and regression analysis, providing a direct foundation for your future econometric training.

This module is designed for students with A Level Mathematics (or an equivalent qualification). You will revisit key mathematical tools covered in A Level Mathematics (such as differential calculus) and learn to use them to formulate and solve problems in economics and finance. You will also be introduced to other techniques that are essential for problem solving in economics. These tools will be used throughout the rest of your degree. The topics covered include: sequences/series and the economics of finance, functions, univariate optimisation, elasticity, integration, multivariate optimisation, constrained optimisation and matrix algebra.

Economic questions require careful use of data. In this module, you will develop the foundations of economic data analysis and visualisation. You will learn how different types of economic data are collected and how to assess the strengths and limitations of alternative data sources.

Using real-world datasets in interactive sessions, you will gain hands-on experience in data management, summary statistics, visualisation, and basic statistical inference. You will construct tables and charts, interpret statistical measures, and evaluate empirical evidence in applied economic contexts.

By working with appropriate statistical software, you will develop practical skills in analysing and communicating data. The module strengthens your Sheffield Graduate Attributes (SGA), particularly data literacy, critical thinking and professional communication, and equips you with skills valued across research, policy and business.

In this module, you will be introduced to the financing and investment decisions that financial managers make, and the financial market context in which those decisions are made. You will explore how financial managers evaluate investment opportunities and manage risk to maximise shareholder value. You will develop an understanding of key financial theories and tools, including financial statement analysis, the time value of money, and risk-return relationships. Through a combination of theoretical analysis, problem-solving exercises, and practical applications, you will build the quantitative and critical skills required to interpret financial information, evaluate investment projects, and understand the pricing of financial assets within competitive markets.

In this module, you will explore the economic history of Britain and the global economy, focusing on the forces that shaped economic growth and development. You'll examine modern theories of growth and development in the context of historical events, addressing current debates on poverty, inequality, and North-South relations. The module will help you understand the differences between historical methodologies and abstract economic methods, while also providing you with the tools to assess the effectiveness of policies and institutions in fostering growth and reducing poverty. You will work with both quantitative and qualitative historical sources to develop a deeper understanding of economic development and the factors that drive or hinder growth.

This module explores the ideas that have shaped today's economic landscape.  Studying eight pivotal economists from Adam Smith through to present day economists, you will critically evaluate the relevance of their ideas to contemporary economic issues. Understanding the roots of the discipline will help you become a more rounded economist, better equipped to identify and evaluate the assumptions underpinning contemporary theory, empirical analysis and economic policy.  The module powerfully complements other elements of your economics degree, uncovering the intellectual provenance behind macro-, micro-, development and behavioural economics, finance, and econometrics. It will also help you refine your core transferable skills including your written communication, critical thinking, and independent research skills; all of which are highly valued by employers. 

This module builds on Level 1 modules in microeconomics and mathematical economics, using the mathematical training to allow a more rigorous investigation of the principles of microeconomics. It aims to develop an understanding and ability to undertake economic analysis of models of the behaviour and interaction of economic agents (consumers, firms and government) in a market economy, the functioning of different types of industries, decision making under uncertainty and economic welfare.

The aims of this course are to provide firm grounding in the analytical tools of modern macroeconomics; to use these tools to understand critically the conduct of economic policy nationally and internationally. The course builds on level 1 modules in macroeconomics. The main subject areas covered are: Basic macroeconomic models: consumption/leisure choice, closed economy one period-macro models, models of search and unemployment; Savings, investment and government deficits: consumption/savings choice (two-period model), credit market imperfections, real intertemporal model with investment; Money and business cycles: flexible price models, New Keynesian economics (sticky prices), inflation; International macroeconomics: international trade, money in open economy; Economic growth: Malthus and Solow growth models, convergence, endogenous growth model.

This module introduces students to econometric analysis, through a consideration of regression models, their properties, what can go wrong, and how those problems are solved. Throughout, the module tries to provide students with an intuitive feel for these issues, supported by appropriate mathematical proofs. Students are also provided with the practical experience of performing their own regression analyses, in a supported workshop setting with datasets provided to them.

This module builds directly upon the econometric foundations established in ECN21004, extending your knowledge into a range of econometric techniques and their practical applications. The module places strong emphasis on applied econometrics through real-world economic problems. You will develop advanced skills in data handling, model specification, and interpretation of results through project-based learning. By the end of the module, you will have gained proficiency in applying appropriate econometric techniques to address complex economic questions and critically evaluating empirical economic research.

The module aims to expand your econometric toolkit beyond ordinary least squares (OLS) regression, by exploring a variety of micro-econometric and time series techniques. It will strengthen your ability to interpret and critically evaluate published empirical research, and provide practical experience working with real-world economic datasets. Additionally, the module will develop your employability by encouraging them to reflect upon and critically assess the skills they are acquiring, in relation to the Sheffield Graduate Attributes (SGAs).

Industrial Organisation is a major branch of microeconomics. It considers the structure, operation and performance of industries and firms using both economic theory and empirical work.

This module addresses fundamental questions in International Economics, with a particular focus on the phenomenon known as 'global imbalances'. Many countries, including the world's largest economies, have been accumulating increasingly large external debt positions or external asset positions over the last few decades. This phenomenon has important consequences for the stability of the international economy and is often a concern for policy makers. This module will introduce you to modern, microfounded tools required to understand these imbalances, based on the latest economic research.

This module develops theoretical models of the labour market, starting with the competitive model of the labour market through an analysis of supply and demand for labour. A range of issues that can affect outcomes in the labour market will be considered, with an emphasis on the study of empirical evidence concerning these issues.

Public economics uses the tools of microeconomics and empirical analysis to study the impact of government policies on economic behaviour and the distribution of resources in the economy.

The module will focus on applying macroeconomic theory to a variety of economic policy issues. The module will consider fiscal and monetary policy and will include how policy responds to economic shocks. The course builds on the knowledge of the core first year economics modules.

This module covers introductory monetary, banking and finance theory and issues relating to policy and regulation of the banking and finance system. The module introduces the basic concepts in money and banking while it supports and expands on the material provided in ECN201 and ECN202, the second year micro and macro modules.

In life we are constantly making economic decisions: whether to go to university; whether to leave a tip in a restaurant; whether to buy a house or rent; whether to declare all our income to the tax authority; whether to play the lottery; whether and how much to invest in the stock market. In this module we study economic theory and evidence related to decision-making in these different contexts with a view to understanding human decision-making, how it deviates from standard notions of economic rationality.

This module aims to provide students with the research skills required to carry out supervised, independent research in economics. The module lectures will cover topics such as an introduction to the process of writing a dissertation, identifying relevant data sources and searching for literature. The module contains a series of computer workshops which will focus on analysing real-world datasets and a series of supervision workshops which will guide students through their research.

In this module you will further your understanding of core microeconomic principles by exploring a number of advanced topics in microeconomics. The course material you will encounter will be predominately theoretical with a substantial mathematical component and some evaluation of empirical evidence. Indicative topics include: auctions; decision making under uncertainty; dynamic efficiency; imperfect competition and common ownership; matching and assignment.

Game theory is the study of decision problems which involve more than one agent. Given the prevalence of such problems in economics, game theory has become a very important methodological tool in many of its fields, including industrial economics, political economy and international trade. This module aims at equipping students with the core knowledge of game theory as used in economics, with special emphasis on applications and examples, rather than pure theory.

This module is designed to introduce students to a number of important advanced topics in econometrics. The aims of the module are to provide: an overview of modern econometric methodology; an introduction to further econometric techniques; and an introduction to applied econometric research methods. The module will cover topics in both microeconometrics and times series econometrics.

This module is designed to cover topics which illustrate and amplify the core teaching in macroeconomics at level two. Topics include Dynamic general equilibrium theory of consumption and saving, Consumption theory, Macroeconomic Risk, Real business cycle and fiscal policy, Financial frictions and credit constraints, Nominal economy and monetary policy, Economic growth and finance.

This module aims to build upon a basic knowledge of mathematical economics, introducing and explaining some of the more advanced mathematical techniques which are prevalent in modern economics and to show how they can be applied to intermediate economic analysis and discussions. By the end of the module students should be able to demonstrate an understanding of, and be able to apply in a variety of economic situations, the principles of univariate and multivariate calculus; linear algebra; constrained and unconstrained optimisation and comparative static analysis (with and without the use of linear algebra); basic inequality constrained optimisation; maximum value functions and the envelope theorem. It is assumed that students enrolling onto this module can rearrange equations, solve simultaneous equations, undertake multivariate calculus and solve economic problems including basic constrained optimisation.

The aim of this module is to introduce some of the main principles of modern finance. This is an analytical module which reflects the quantitative nature of the subject and each topic is developed from first principles. The topics covered include: the time value of money and its applications; risk return and diversification; introduction to portfolio selection; the capital asset pricing model (CAPM) and its use; and an introduction to the role of utility theory in finance and company capital structure. The aims of the module are to: Provide an introduction to portfolio theory, i.e., the concept of financial risk and behaviour of rational, risk-averse investors; Leading to a general equilibrium picture of financial asset returns and prices; Explore corporate financial decision making in the major areas of Capital Structure (the mix of equity and debt financing used to finance the firm's investments); Introduce students to concepts of Stock Market Efficiency and Option Pricing, considering in particular alternative pricing models.

The first part of the course will cover neoclassical trade theories in which countries trade following their comparative advantage. The second part of the course deals with more recent trade theories based on economies of scale and/or imperfect competition that helps us to explain some recent patterns observed in the data. The third part of the course is an introduction to trade policy and the political economy of trade policy.

This module covers monetary theory and monetary policy. It presents several economic models and discusses what monetary policy can and cannot do, as well as an introduction to the New Keynesian model. The module aims to enable students to apply the skills of economic analysis to the conduct of central banks and to the mechanisms underlying the monetary transmission mechanism.

Urban economics is concerned with understanding the spatial form of cities and the spatial distribution of economic activities within a country, making use of theoretical models and empirical evidence. Three fundamental questions are: (1) Why are economic activities within a country so unequally distributed across space? (2) Why do cities, and more broadly agglomerations of firms and workers, emerge and in what locations? (3) What are the consequences of unequal distribution of activities for productivity, innovation and wages? This module covers topics such as:- Why do cities exist and why do firms cluster?- What determines equilibrium city size and features of the urban system?- City growth, spatial transformation and the implications for productivity, knowledge and wages.- Real Estate economics and the housing market.- Diseconomies in cities: Urban location, land rents and land use patterns.- Unequal distribution of economic activities and levelling-up.- Transportation economics.- Urbanisation in developing countries.

Economics is the study of how society allocates its scarce resources across competing alternatives. This notion of scarcity is as relevant in the health care sector as it is elsewhere and, thus, it is important that the resources available to health and health care are used in the best possible ways. This course will: look at how best should be defined in the context of health care; consider the roles that market forces and governments might play in achieving the sector's objectives; and discuss what information is needed so that resources can be deployed where they will do the most good. The aims of the module are: 1. To enable students to develop a critical understanding of the basis of health economics.
2. To introduce students to the health economists' toolkit, the ways in which it can be used in to inform health care resource allocation, and its limitations.

This module will cover the economic theories used for the analysis of inequality and poverty.
The theories will be backed by evidence from both the developed and the developing countries. The module starts off by a discussion of issues around measurement of inequality and poverty; the different measures that are used and the inherent assumptions behind these measures. We then move on to explain the existing global trends in inequality and poverty. Different theories are used to explain these trends; for example: role of human capital, poverty traps etc. Finally we discuss the policy response of different countries to address the issues of inequality and poverty, drawing on the specific examples of welfare programmes in the developed countries and the conditional cash transfers in the developing countries.

The amount of education possessed by individuals will influence their decisions in future. Education relates to issues such as health and labour market decisions. This module examines the demand for and provision of education, incorporating a mixture of economic theory such as human capital; rates of return to further and higher education and course type all of which directly relate to the labour market. The graduate labour market is analysed, incorporating changes in the provision of higher education and an understanding of the rationale for the introduction of top-up fees. A final section considers schools, analysing and evaluating issues such as class size reduction, competition and selection, the performance of teachers, and the importance of pupils' family backgrounds, all in terms of their effect on pupil performance.

Important economic processes cannot be fully understood without taking into account political and institutional factors and governments' political motivations. This module introduces insights from politics into the study of public policy and economic performance. In particular, it aims to give students: 1. an opportunity for interdisciplinary study within the undergraduate economics degree; 2. familiarity with the modern literature in theoretical and applied political economy; 3. an opportunity to develop their research skills through research-oriented assignments.

Economic choices shape nature just as nature can shape our choices. This module provides students with the opportunity to apply economic concepts and methods to issues related to the use and management of the environment and natural resources. The module explores issues, arguments and analysis of market failure in the protection of the environment. It also offers public policy responses to issues of sustainability and climate change.

Standard economic models can successfully model human behaviour. However, the strong assumptions required of economic actors in those models will make systematic mispredictions in some contexts. Behavioural economics tries to overcome the systematic mispredictions by adopting non-standard assumptions, often inspired by insights from other disciplines. The module will discuss empirical evidence that underpins these non-standard assumptions, and will reflect on how insights from behavioural economics can be relevant in real life.

Understanding inequality is central to economics. In this module, you will examine how gender and race are associated with differences in economic outcomes across labour markets and other economic contexts. You will analyse variations in pay, employment, occupational attainment and participation, and consider the economic, social and institutional mechanisms that may contribute to these disparities.

You will engage with economic theories of discrimination and study the empirical strategies economists use to identify and measure discriminatory behaviour using real-world data. By critically assessing economic research, you will strengthen your analytical and quantitative skills and develop the ability to evaluate competing explanations and policy responses. This module will prepare you for further study or careers in economics, public policy and related fields.

The aim of this module is to provide an overview of the economics of innovation. The module will study firms' incentives to invest in innovation and the resulting policy implications. Expanding your knowledge of microeconomics this module will include the relationship between market structure and innovation, the role of firm cooperation and the effects of mergers on innovative activities. We will also look at the role of intellectual property rights / patent systems and policy interventions. As many innovations in recent years are in the areas of digitalization, artificial intelligence, and big data, the module will also cover those topics.

It takes the average worker in the UK less than ten days to produce the same amount of output as the average worker in the Democratic Republic of Congo produces over the course of an entire year. Earning the minimum wage in the UK easily puts you in the top 10% of earners worldwide. This module uses a mix of theory and empirics to seek to understand where these enormous gaps in standards of living between countries come from and how they evolve over time.