ECO-10028 - Module Specification
Keele Business School
Faculty of Humanities and Social Sciences

Programme/Approved Electives for 2020/21

Available as a Free Standing Elective

Co-requisites

None

Prerequisites

Barred Combinations

Description for 2020/21

This module introduces students to the main principles of Microeconomics. More specifically, its purpose is to introduce students to the economic analysis of decision-making of both households and firms and of how markets work. Furthermore, the module analyses and evaluates the rationales for government intervention in markets.

By introducing students to the method, content and scope of microeconomic analysis, the module outlines basic concepts necessary for further study in all areas of Economics and is useful in all related disciplines including Business Studies, Management and Marketing. The module assumes no previous knowledge of economics.

The purpose of this module is to introduce students to the economic analysis of decision-making, how markets work, and how consumers and firms make their decisions, as well as to understand economic issues relating to the price mechanism. The module introduces students to the basic microeconomic tools and theoretical frameworks so as to progress to the study of intermediate level microeconomics.

Intended Learning Outcomes

recognise and explain the theoretical basis of economic decision making: 1,2
explain the importance and scope of government regulations
: 1,2
apply economic reasoning and analysis to a variety of real-world contexts: 1,2
evaluate government policy and regulation: 1,2
evaluate the effects of economic policy on different markets and market participants: 1,2
evaluate the effect of economic phenomena on market outcomes: 1,2
evaluate the effects of market participants' choices: 1,2
analyse the role of markets and market imperfections: 1,2

Study hours

Scheduled Learning and Teaching Activity Hours:
18 lecture hours
6 seminar/tutorial hours
12 hours discussion seminars

Guided Independent Study Hours:
1 hour multiple choice test
2 hour exam
Class preparation - 20 hours
Assessment preparation - 20 hours
Private study - 71 hours

School Rules

None

Description of Module Assessment