ECON1001 Foundations of Microeconomics
This module aims to provide an introduction to microeconomic analysis - the detailed analysis of individuals and groups within the economy.
Aims and Objectives
• Understand the technical language used by economists and have a good understanding of the basic concepts used in microeconomic analysis • Be able to apply these concepts to analyse a wide range of situations and problems, selecting appropriate ideas and linking them in chains of argument • Have an appreciation of the rationale for and limitations of, government intervention in the operation of markets.
Having successfully completed this module you will be able to:
- Demonstrate knowledge and understanding of the basic notions of Game Theory
- Employ modern theoretical and empirical techniques to analyse research questions in labour economics.
- Use theoretical models and data to address policy questions in labour economics
- Identify and discuss key issues related to current research in labour economics.
The first part of the module will concentrate on how markets work and on what determines the prices and quantities of goods traded in the market. To examine this question, we study the behaviour of consumers and producers both separately and in relation to each other. Different forms of market structure will be analysed, with the emphasis on the nature of competition in markets. Having established the basic analytics of markets, we shall examine some normative properties of market activity and some strategic aspects of market interaction.
Learning and Teaching
Teaching and learning methods
The structure of the unit includes: • 24 Lectures (2 Lectures per week, from W1 to W12); • 20 Master Classes (2 MCs per week, from W3 to W12) There is an emphasis on analytical methods of reasoning and thus problem-solving exercises (rather than essays) are the main learning tools. All material will be made available via Blackboard.
|Total study time||150|
Resources & Reading list
The course grade is determined based on a student’s performance in the two-hour final examination and the coursework, which consists of 8 assignments. The weight allocated to the final examination is 80%, whereas each test assignment earns a weight of 2.5%. The questions on the final exam will be similar in nature to those of the assignments.
|Exam (2 hours)||80%|
|Multiple choice Test||20%|
Repeat type: Internal & External
Costs associated with this module
Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.
In addition to this, students registered for this module typically also have to pay for:
Books and Stationery equipment
Students may purchase their own copy of the textbook. For 2015-16 the instructor has negotiated with the publisher (Wiley) a discounted price of £48.49 (instead of the official price of £192.99) for books purchased at the bookshop on campus. There is a virtual edition available for download for £37.99.
Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.