Module Overview

Fundamentals of Economics: Micro Economics

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

Module Code

BSST H1012

ECTS Credits


*Curricular information is subject to change

Introduction to Economics

Nature of economic theoryProblem of scarcity

Supply Demand and Market Equilibrium


Applications of supply and demand analysis

Minimum wageFloor price for producersMaximum price for consumersIndirect taxation

Theory of Demand

UtilityIndifference curve analysis (basics)Consumer surplus


Price elasticity of demandIncome elasticity of demandCross-price elasticity of demandElasticity of supply

Theory of the firm/supply

Price making and price taking firmsRevenue, costs and profitsLong run and short run issuesEconomies of scaleProducer surplus

Market Structures

Fundamental determinantsPerfect competitionMonopolyImperfect competition

Factor Markets

Labour and wagesCapital and InterestLand and rentEnterprise and Profit

Module Content & Assessment
Assessment Breakdown %
Formal Examination70
Other Assessment(s)30