- UCAS course code
- V136
- UCAS institution code
- M20
Course unit details:
Microeconomics 1
Unit code | ECON10221 |
---|---|
Credit rating | 10 |
Unit level | Level 1 |
Teaching period(s) | Semester 1 |
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
2. Economic Models: Technological Change, Population & Growth
Malthus, the Industrial Revolution, Introduction to Economic Models, the Nature of Economics
Core Reading: ‘The Economy’ Chapter 2
3. Classical Economic Thought
Smith, Ricardo, Marx
Core Reading: Notes provided by the lecturer.
4. The Marginal Revolution: Scarcity, Work And Choice
Preferences, Opportunity Costs, Decision-making and scarcity
Core Reading: ‘The Economy’ Chapter 3
5. Social and Strategic Interactions
Conflict, Co-operation, Institutions, Norms and Behaviour
Core Reading: ‘The Economy’ Chapter 4
6. The Price-Making Firm
Production, Costs, Revenue, Demand and its Elasticity, Competition & Market Power
Core Reading: 'The Economy' Chapter 7
7. The PriceTaking Firm
Perfect Competition, Competitive Equilibrium Taxes.
Core Reading: 'The Economy' Chapter 8 & Chapter 11 [section 11.1 - 11.3]
8. Markets, Efficiency & Market failure
Market Failure. Pollution.
Core Reading: ‘The Economy’ Chapter 12
Teaching and learning methods
Synchronous activities (such as Lectures or Review and Q&A sessions, and tutorials), and guided self-study
Employability skills
- Analytical skills
- Problem solving
- Written communication
Assessment methods
Online Test 1, 22.5%
Online Test 2, 22.5%
Essay 55% - 1,200 words
Feedback methods
Individual and group work in the tutorials, and feedback thereon.
Online practice tests on Blackboard
Online discussion and feedback (from peers and staff)
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
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.