Module Description:
This module is an introduction to micro economic theory and some of its applications.
Module aim
The aim of this module is to develop a basic competence in microeconomics.
Introduction to Economics as a social science.
Concepts of scarcity, choice, opportunity cost and utility.
Factors influencing the demand and supply of a product and the determination of equilibrium price in the market.
The consequences of the imposition of price controls on the market.
Elasticity - including price elasticity, income elasticity and cross price elasticity.
Costs of production in the short and long run.
The achievement of profit maximization for firms.
Models of market structure - including perfect competition, monopoly, oligopoly and monopsony.
Government intervention and regulation in the market.
Market failures - including externalities, public goods, monopoly and incomplete information.
The market for factors of production - land, labour, capital and enterprise.
Inequality and poverty in society.
Taxes, benefits and the redistribution of income in society.
A variety of methods will be used including lectures, tutorials and may include formal teaching, class discussion, problem solving and case studies.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 70 |
| Other Assessment(s) | 30 |