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Microeconomics 1


Unit code: ECON10221
Credit Rating: 10
Unit level: Level 1
Teaching period(s): Semester 1
Offered by School of Social Sciences
Available as a free choice unit?: Y

Requisites

None

Additional Requirements

None, this unit assumes no Economics training

Aims

 The aims of this course are to:

  • provide a self-contained introduction to microeconomics;
  • introduce a range of microeconomic concepts and analytical tools

Overview

The aims of this course are to:

  • provide a self-contained introduction to microeconomics;
  • introduce a range of microeconomic concepts and analytical tools

Intended Learning Outcomes

  • ability to understand and make appropriate use of core microeconomic concepts such as revenue and cost, opportunity cost, elasticities, marginal and average values
  • understanding of the role and limits of markets
  • understanding of the relationship between modern “neoclassical” economics and “classical” schools of economic thought
  • ability to analyse the behaviour of firms

 

Teaching and learning methods

The material is delivered via the online (Blackboard) provision of material (readings, clips) and Lectures.

The learning process of students is supported by tutorials (exercise questions and discussion based questions) and the provision of further online material (such as discussion boards and practice quizzes).

Learning outcomes

Intended Learning Outcomes

  • ability to understand and make appropriate use of core microeconomic concepts such as revenue and cost, opportunity cost, elasticities, marginal and average values
  • understanding of the role and limits of markets
  • understanding of the relationship between modern “neoclassical” economics and “classical” schools of economic thought
  • ability to analyse the behaviour of firms

Employability skills

  • Analytical skills
  • Problem solving

Assessment Further Information

 

  • Item 1 (Online Assessed Test 1, on Blackboard 22.5%)
  • Item 2 (Online Assessed Test 2, on Blackboard 22.5%)
  • Item 3 (1500 Word Essay 55%)

Syllabus

 

 

  1. The Capitalist Revolution

Capitalism, Growth, Demographic Transition

Core Reading: ‘The Economy’ Chapter 1      

 

  1. Economic Models: Technological Change, Population & Growth

Malthus, the Industrial Revolution, Introduction to Economic Models, the Nature of Economics

Core Reading: ‘The Economy’ Chapter 2      

 

  1. Classical Economic Thought

Smith, Ricardo, Marx

 

  1. The Marginal Revolution: Scarcity, Work And Choice

Preferences, Opportunity Costs, Decision-making and scarcity

Core Reading: ‘The Economy’ Chapter 3      

 

  1. Social Interactions

Conflict, Co-operation, Institutions, Norms and Behaviour

Core Reading: ‘The Economy’ Chapter 4      

 

  1. A model of the Firm and its Costs

Production, Costs, Economies of Scale

Core Reading: ‘The Economy’ Chapter 7      

 

  1. Demand Elasticity and the Firm as a Price Maker and a Price Taker.

Demand and its Elasticity; Price-Setting, Competition & Market Power

Core Reading:

‘The Economy’ Chapter 7      

‘The Economy’ Chapter 8   &   ‘The Economy’ Chapter 11 [sections 11.1-11.3]

 

  1. Markets, Efficiency & Market failure

Market Failure. Pollution, Public Goods, Open Access resources, Imperfect Information

Core Reading: ‘The Economy’ Chapter 12

Recommended reading

The primary textbook for this course will be:

The CORE project (2017) The Economy. Economics for a Changing World. Oxford University Press.

See the e-book, and additional resources, at:  www.core-econ.org

Feedback methods

Individual and group work in the tutorials, and feedback thereon.

Online practice tests on Blackboard

Discussion and feedback (from peers and staff) on Blackboard Discussion Boards

Use the 10 minute break following lectures to ask questions of the lecturer

Study hours

  • Assessment written exam - 1.5 hours
  • Lectures - 16 hours
  • Tutorials - 5 hours
  • Independent study hours - 77.5 hours

Teaching staff

Daniel Rigby - Unit coordinator

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