Lecture based teaching, and group discussion on relevant microeconomic issues
Focus on Class interaction and discussion through the use of current/relevant examples from media sources.
Use of CATs (Classroom Assessment Techniques) to support formative learning (examples include class debates, quizzes etc.)
Use of multi-media – analysis of relevant documentaries.
Module Aim:
To introduce students to the use and application of microeconomic analysis as it applies to markets, individuals, firms and industries.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1
Explain fundamental micro-economic concepts
LO2
Construct diagrams to illustrate basis economic theories
LO3
Demonstrate an understanding of market structures at a micro-economic level
LO4
Apply the principles of economic theories to real-life business scenarios
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is recommended before enrolment in this module.
No recommendations listed
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed.
No requirements listed
Module Content & Assessment
Indicative Content
Introduction
• An introduction to key micro economic principles
• Rational Choices, Positive and normative statements
• The Factors of Production
• Opportunity Costs
• Absolute and relative scarcity
Demand, Supply and Equilibrium
• The Laws of Supply and Demand
• Factors affecting demand and supply.
• Classification of goods and services.
• Shift in curves and movement along curves.
• Price floors and price cellings
• Theory of Consumer Choice – Indifference curves
Elasticity of Demand and Supply
• Price elasticity.
• Income elasticity.
• Cross price elasticity.
• Relationship between price elasticity and total revenue.
• Elasticity of supply.
Costs of Production and the Firm
• Goals of the Firm
• Short run cost curves – fixed, variable, average, total costs
• Law of diminishing marginal returns.
• Long-run cost curves
• Economics and diseconomies of scale.