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BA Modern Language and Business & Management (Chinese)

Year of entry: 2021

Course unit details:
Microeconomics 1

Unit code ECON10221
Credit rating 10
Unit level Level 1
Teaching period(s) Semester 1
Offered by School of Social Sciences
Available as a free choice unit? Yes

Overview

The aims of this course are to:

  • provide a self-contained introduction to microeconomics;
  • introduce a range of microeconomic concepts and analytical tools

Intended Learning Outcomes

  • ability to understand and make appropriate use of core microeconomic concepts such as revenue and cost, opportunity cost, elasticities, marginal and average values
  • understanding of the role and limits of markets
  • understanding of the relationship between modern “neoclassical” economics and “classical” schools of economic thought
  • ability to analyse the behaviour of firms

Pre/co-requisites

None, this unit assumes no Economics training. 

Cannot be taken with ECON10171.

Aims

 The aims of this course are to:

  • provide a self-contained introduction to microeconomics;
  • introduce a range of microeconomic concepts and analytical tools

Learning outcomes

Intended Learning Outcomes

  • ability to understand and make appropriate use of core microeconomic concepts such as revenue and cost, opportunity cost, elasticities, marginal and average values
  • understanding of the role and limits of markets
  • understanding of the relationship between modern “neoclassical” economics and “classical” schools of economic thought
  • ability to analyse the behaviour of firms

Syllabus

 

 

  1. The Capitalist Revolution

Capitalism, Growth, Demographic Transition

Core Reading: ‘The Economy’ Chapter 1      

 

  1. Economic Models: Technological Change, Population & Growth

Malthus, the Industrial Revolution, Introduction to Economic Models, the Nature of Economics

Core Reading: ‘The Economy’ Chapter 2      

 

  1. Classical Economic Thought

Smith, Ricardo, Marx

 

  1. The Marginal Revolution: Scarcity, Work And Choice

Preferences, Opportunity Costs, Decision-making and scarcity

Core Reading: ‘The Economy’ Chapter 3      

 

  1. Social Interactions

Conflict, Co-operation, Institutions, Norms and Behaviour

Core Reading: ‘The Economy’ Chapter 4      

 

  1. A model of the Firm and its Costs

Production, Costs, Economies of Scale

Core Reading: ‘The Economy’ Chapter 7      

 

  1. Demand Elasticity and the Firm as a Price Maker and a Price Taker.

Demand and its Elasticity; Price-Setting, Competition & Market Power

Core Reading:

‘The Economy’ Chapter 7      

‘The Economy’ Chapter 8   &   ‘The Economy’ Chapter 11 [sections 11.1-11.3]

 

  1. Markets, Efficiency & Market failure

Market Failure. Pollution, Public Goods, Open Access resources, Imperfect Information

Core Reading: ‘The Economy’ Chapter 12

Teaching and learning methods

Online Learning and Guided Self-Study

Employability skills

Analytical skills
Problem solving

Assessment methods

Online test 22.5%

Online test 22.5%

Essay 55%

Feedback methods

Individual and group work in the tutorials, and feedback thereon.

Online practice tests on Blackboard

Discussion and feedback (from peers and staff) on Blackboard Discussion Boards

Use the 10 minute break following lectures to ask questions of the lecturer

Recommended reading

The primary textbook for this course will be:

The CORE project (2017) The Economy. Economics for a Changing World. Oxford University Press.

See the e-book, and additional resources, at:  www.core-econ.org

Study hours

Independent study hours
Independent study 0

Teaching staff

Staff member Role
Daniel Rigby Unit coordinator

Additional notes

For every 10 course unit credits we expect students to work for around 100 hours. This time generally includes any contact times (online or face to face, recorded and live), but also independent study, work for coursework, and group work. This amount is only a guidance and individual study time will vary.

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