Module Aims:This module aims to introduce students to microeconomic concepts, to the scientific approach to problem solving and the role of microeconomics in business.The concepts introduced in this module provide students with skills which can be applied in their business career and provides a foundation for future modules.
Introduction to Economics:
Scarcity, choice and opportunity cost, the difference between Microeconomics and Macroeconomics, the Production Possibility Frontier, the fundamental questions of economic analysis – resource allocation, efficiency, Factors of Production: Labour, Land, Capital, and Enterprise.
Demand, Supply and Market Equilibrium:
Demand and consumers, supply and producers, market equilibrium and the price mechanism, price controls.
The Concept of Elasticity:
Price elasticity of demand, cross-price elasticity of demand, income elasticity of demand, elasticity of supply.
The Consumer and the Theory of Demand:
Marginal utility analysis, consumer surplus.
The Firm and Production:
The objectives of the firm, production, costs, profit-maximising output level, economies of scale.
Market Structures:
Perfect competition, monopoly, monopolistic competition.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 30 |
| Formal Examination | 70 |