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 theoryProblem of scarcity
Supply Demand and Market Equilibrium
n/a
Applications of supply and demand analysis
Minimum wageFloor price for producersMaximum price for consumersIndirect taxation
Theory of Demand
UtilityIndifference curve analysis (basics)Consumer surplus
Elasticity
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 Examination | 70 |
| Other Assessment(s) | 30 |