Module Aims: - To provide the learner with a basic understanding of fundamental microeconomic concepts - To introduce the learner to the economist’s approach to interpreting real world problems
• Introduction to Economics
Nature of economic theory Problem of scarcity
•Supply Demand and Market Equilibrium
n/a
•Applications of supply and demand analysis
Minimum wage Floor price for producers Maximum price for consumers Indirect taxation
•Theory of Demand
Utility Indifference curve analysis (basics) Consumer surplus
•Elasticity
Price elasticity of demand Income elasticity of demand Cross-price elasticity of demand Elasticity of supply
•Theory of the firm/supply
Price making and price taking firms Revenue, costs and profits Long run and short run issues Economies of scale Producer surplus
•Market Structures
Fundamental determinants Perfect competition Monopoly Imperfect competition
•Factor Markets
Labour and wages Capital and Interest Land and rent Enterprise and Profit
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 30 |
| Formal Examination | 70 |