Introduction to Quantitative Methods
- Social Sciences
- 100 level
- 3 credit units
- 149 pages
- 23 units
This course, Introduction to Quantitative Method I, is designed for 100-level students. It introduces fundamental mathematical concepts and techniques essential for economic analysis. The course covers mathematical economics, number systems, equations, set theory, sequence and series, and polynomial theorems. Students will learn to apply these quantitative methods to solve real-world economic problems, enhancing their analytical and problem-solving skills. The course aims to equip students with a strong foundation for advanced studies in economics, business, and finance.
About this course
- Difficulty
- Intermediate
- Study hours
- 96 hours
- Maths
- Intermediate
- Content
- Theoretical, problem solving
- Practical work
- No
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of ECO153, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO153 · Unit 1 Nature of Mathematical Economics
Concluding, economic models are simplified representations of the real-world economic phenomenon that is used to analyse the underlying economic principles at work. Economic models are built on assumptions about how economic agent (people, firms, and markets) behave using mathematical and statistical techniques to make predictions and test hypotheses about economic phenomena.
What you should be able to do
- Understand basic mathematical notations and techniques used in economics.
- Apply mathematical methods to economic assumptions and theories.
- Explain the concept of numbers and their relevance in quantitative analyses.
- Solve linear and quadratic equations.
- Apply set theory to managerial and economic problems.
- Calculate the nth term and sum of arithmetic and geometric progressions.
- Perform matrix operations and solve linear systems using matrices.
What it prepares you for
- Economist
- Financial Analyst
- Business Analyst
- Market Researcher
- Statistician
- Banking
- Finance
- Consulting
- Market Research
- Government
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 2: Equations and Formulae
UNIT 4 SIMULTANEOUS LINEAR AND QUADRATIC EQUATIONS
Solving simultaneous linear and quadratic equations requires a strong understanding of both linear and quadratic equation-solving techniques, making it challenging to integrate both.
- Module 6Matrices
UNIT 4 Inverse of Matrices and Linear Problems
Calculating the inverse of 3x3 matrices involves multiple steps including finding minors, cofactors, and adjoints, increasing the chance of errors.
A suggested way through it
13 weeks, about 39 hours in total. Yours will differ.
- Week 1Module 1: Mathematical Economics, Number and Numeration
Unit 1: Nature of Mathematical Economics · 2 hours
Read Unit 1: Nature of Mathematical Economics, focusing on the language of mathematical economics and economic models.. Solve Self-Assessment Exercises 1 to reinforce understanding of mathematical notations and techniques.. Apply mathematical methods to economic assumptions and theories..
- Week 2Module 1: Mathematical Economics, Number and Numeration
Unit 2: SETS, NUMBERS, AND FRACTIONS · 3 hours
Study Unit 2: Sets, Numbers, and Fractions, paying attention to set notations, terminologies, and operations.. Complete Self-Assessment Exercises to practice set operations and terminologies.. Understand the real number system and its components..
- Week 3Module 1: Mathematical Economics, Number and Numeration
Unit 3: FRACTION, RATIO AND PROPORTION · 3 hours
Review Unit 2 again, focusing on the real number system.. Begin Unit 3: Fraction, Ratio and Proportion, focusing on equivalent fractions and operations.. Solve Self-Assessment Exercises to practice fraction, ratio, and proportion problems..
- Week 4Module 1: Mathematical Economics, Number and Numeration
Unit 3: FRACTION, RATIO AND PROPORTION · 2 hours
Complete Unit 3, focusing on applications of fractions, ratios, and proportions in business and economics.. Solve Self-Assessment Exercises to practice applying these concepts to real-world problems..
- Week 5Module 1: Mathematical Economics, Number and Numeration
UNIT 4 MULTIPLES AND LOWEST COMMON MULTIPLES (LCM) AND HIGHEST COMMON FACTORS (HCF) AND FACTORISATION · 3 hours
Study Unit 4: Multiples and Lowest Common Multiples (LCM) and Highest Common Factors (HCF) and Factorisation.. Practice finding LCM, HCF, and factorizing algebraic expressions.. Complete Self-Assessment Exercises to reinforce understanding..
- Week 6Module 1: Mathematical Economics, Number and Numeration
UNIT 5 INDICES, LOGARITHM AND SURDS · 3 hours
Study Unit 5: Indices, Logarithms and Surds, focusing on the rules of indices and logarithms.. Solve problems involving indices, logarithms, and surds.. Complete Self-Assessment Exercises to practice simplification and evaluation..
- Week 7Module 2: Equations and Formulae
UNIT 1 EQUATIONS, FUNCTIONS AND CHANGE OF SUBJECT OF FORMULAE · 3 hours
Begin Module 2 by studying Unit 1: Equations, Functions and Change of Subject of Formulae.. Distinguish between equations and functions.. Practice changing the subject of formulae..
- Week 8Module 2: Equations and Formulae
UNIT 2 LINEAR EQUATIONS AND LINEAR SIMULTANEOUS EQUATION · 3 hours
Complete Unit 1, focusing on the relevance of equations and functions in mathematics.. Study Unit 2: Linear Equations and Linear Simultaneous Equations.. Practice solving linear equations and simultaneous equations..
- Week 9Module 2: Equations and Formulae
UNIT 3 QUADRATIC EQUATION · 3 hours
Study Unit 3: Quadratic Equations, focusing on solving quadratic equations by factorization.. Practice solving quadratic equations.. Complete Self-Assessment Exercises to reinforce understanding..
- Week 10Module 2: Equations and Formulae
UNIT 4 SIMULTANEOUS LINEAR AND QUADRATIC EQUATIONS · 3 hours
Study Unit 4: Simultaneous, Linear and Quadratic Equations.. Practice solving simultaneous equations involving both linear and quadratic equations.. Complete Self-Assessment Exercises to reinforce understanding..
- Week 11Module 2: Equations and Formulae
UNIT 5 INEQUALITIES · 3 hours
Study Unit 5: Inequalities, focusing on solving inequality problems.. Practice presenting inequality solutions on line graphs.. Complete Self-Assessment Exercises to reinforce understanding..
- Week 12Module 1: Mathematical Economics, Number and Numeration
Unit 2 SETS, NUMBERS, AND FRACTIONS · 4 hours
Review Module 3: Set Theory, focusing on set operations and Venn diagrams.. Solve additional problems involving set theory and Venn diagrams.. Prepare for assignments and tutor-marked assessments..
- Week 13Module 2: Equations and Formulae
UNIT 1 EQUATIONS, FUNCTIONS AND CHANGE OF SUBJECT OF FORMULAE · 4 hours
Review Module 2: Equations and Formulae, focusing on solving equations and inequalities.. Solve additional problems involving equations and inequalities.. Prepare for the final examination..
Preparing for the exam
- Create a study schedule allocating specific time slots for each module and unit.
- Practice solving numerical problems from each unit, focusing on areas of weakness.
- Review key definitions, theorems, and formulas from each module.
- Create flashcards for quick recall of important concepts and formulas.
- Work through past examination papers to familiarize yourself with the exam format and question types.
- Form study groups to discuss challenging concepts and solve problems collaboratively.
- Focus on understanding the underlying principles rather than memorizing formulas.
- Practice applying mathematical techniques to real-world economic scenarios.
- Create concept maps linking Units 3-5 set theory concepts.
- Review all TMAs and assignments, identifying areas where you need further clarification.
- Prioritize studying units with higher weightage in the final examination.
- Get enough rest and maintain a healthy lifestyle during the examination period.
- During the exam, manage your time effectively, allocating sufficient time for each question.
Questions students ask about this course
What is ECO153 about?
This course, Introduction to Quantitative Method I, is designed for 100-level students. It introduces fundamental mathematical concepts and techniques essential for economic analysis. The course covers mathematical economics, number systems, equations, set theory, sequence and series, and polynomial theorems. Students will learn to apply these quantitative methods to solve real-world economic problems, enhancing their analytical and problem-solving skills. The course aims to equip students with a strong foundation for advanced studies in economics, business, and finance.
How many units does ECO153 have?
ECO153, Introduction to Quantitative Methods, has 23 units across 5 modules, over 149 pages of course material. You can read it one unit at a time.
How many credit units is ECO153?
ECO153 carries 3 credit units, at 100 level in Social Sciences.
Is ECO153 hard?
ECO153 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical and problem solving work.
How long does ECO153 take to study?
About 96 hours of study, spread across its 23 units.
How is ECO153 assessed?
ECO153 is assessed by assignments, tutor marked assessments and final examination.
What can I do with ECO153?
Economist, Financial Analyst, Business Analyst, Market Researcher and Statistician.