Programme/Approved Electives for 2023/24
Available as a Free Standing Elective
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. It introduces the discussion about the effects of decision-making by all economic actors in the achievement of more or less sustainable outcomes. 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. 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: 1explain the importance and scope of government regulations: 1,2apply economic reasoning and analysis to a variety of real-world contexts: 1,2evaluate government policy and regulation: 1,2evaluate the effects of economic policy on different markets and market participants: 1,2evaluate the effect of economic phenomena on market outcomes: 1,2evaluate the effects of market participants' choices: 1,2analyse the role of markets and market imperfections: 1,2
Scheduled Learning and Teaching Activity Hours:18 lecture hours5 seminar/tutorial hours12 hours discussion seminarsGuided Independent Study Hours:90 minutes multiple choice test 1500 words coursework (equivalent to 90 minutes)Class preparation - 20 hoursAssessment preparation - 20 hoursPrivate study - 72 hours
1: Multiple Choice Questions - Knowledge weighted 50%
Description of Module Assessment
One Online Midterm Test with Multiple Choice QuestionsThe 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 analysisSubmission 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.