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Overview

This module introduces you to the key concepts related to the study of Microeconomics and helps you to relate these concepts to recent developments and issues in the real world. You will learn to apply basic microeconomics concepts to personal, household and business decision-making and critically evaluate economic decisions.

This module provides the appropriate foundation in economic theory and its impact on individuals and businesses to enable students to be successful in business-related undergraduate studies.

The main topics covered are demand and supply, the operation of the price mechanism, the causes of market failure, underuse and full use of economic resources, scarcity and choice and allocation. Students also consider different economic models and the bases for economic decision-making.

The module also covers elasticity of demand and supply, specialisation, division of labour and exchange, productivity, economies and diseconomies of scale, reasons for market failure; excess of demand or supply, equilibrium and disequilibrium, interrelationship between markets, misallocation of resources, public and private goods, merit and demerit goods and monopoly.

Students further consider the reasons for government intervention; its nature and impact.

Assessment Strategy

Threshold (40-49% / D- to D+): Student has made sufficient progress in the study of this module to achieve the lowest level of pass allowing for progression onto an undergraduate degree.

Satisfactory (50 – 59% / C- to C+): Student demonstrates reasonably comprehensive coverage of learning outcomes, indicating generally accurate understanding, based on lecture material and some core readings. Some gaps in knowledge and/or understanding evident.

Good (60-69% / B- to B+): Student has displayed a sound basic knowledge and understanding of much of the material studied in this module and achieved a high enough grade to indicate a clear ability to cope with the demands of an undergraduate level degree.

Excellent (70% + / A- to A*): Student has engaged consistently well with all aspects of the module and strong achievement in assessments indicates the ability to perform effectively at undergraduate degree level.

Learning Outcomes

• Describe and explain the rationale behind different economic models and show how these influence economic decision-making

• Describe the key economic theories and concepts studied using the appropriate terminology

• Explain the factors that determine the successful operation of a market economy and explain the reasons for market failure

• Explain why and how governments intervene in the economic process and the range of impacts that this can have on the national economy