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

For academic year: 2024/25 Last Updated: 19 April 2024

ECO-10028 - Introductory Microeconomics
Coordinator: Rosa Maria Fernandez Martin
Lecture Time: See Timetable...
Level: Level 4
Credits: 15
Study Hours: 150
School Office: 01782 733094

Programme/Approved Electives for 2024/25

None

Available as a Free Standing Elective

No

Co-requisites

None

Prerequisites

None

Barred Combinations

None

Description for 2024/25

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.

Aims
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. It also develops critical thinking to explore the application of concepts to real world issues and initiate the practice of research skills.

Intended Learning Outcomes

recognise and explain the theoretical basis of economic decision making: 1
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
5 seminar/tutorial hours
12 hours discussion seminars

Guided Independent Study Hours:
90 minutes multiple choice test
1500 words coursework (equivalent to 90 minutes)
Class preparation - 20 hours
Assessment preparation - 20 hours
Private study - 72 hours


School Rules

None

Description of Module Assessment

1: Multiple Choice Questions - Knowledge weighted 50%
One Online Midterm Test with Multiple Choice Questions
The test's duration is 90 minutes. It needs to be completed in one attempt (part of the test cannot be saved and returned to at a later time/date). One attempt is allowed only.

2: Coursework weighted 50%
Case study analysis
Submission of a 1500 words piece where students will chose a piece of recent news and will analyse it to connect it to microeconomic concepts. They will have to develop possible intervention scenarios and their potential effects on market outcomes.

Please note that for the 2022/23 Academic Year programmes may be adapted to operate in accordance with a flexible, digital approach. This means that there may be some changes made to how modules are delivered and assessed. The latest information will be provided to you by your School in module handbooks. We endeavour to give you as much notice as possible of any changes and details about the circumstance in which changes are made to programmes can be found in the Student Agreement, available at: https://www.keele.ac.uk/student-terms-and-conditions/

Last Updated: 19 April 2024