ECON1001 Foundations of Microeconomics
This unit aims to provide an introduction to microeconomic analysis - the detailed analysis of individuals and groups within the economy.
Module Details
Title: Foundations of Microeconomics
Code: ECON1001
Year: 1
Semester: 1
CATS points: 15 ECTS points: 7.5
Level: Undergraduate
Co-ordinator(s):
Programmes in which this module is compulsory
Core for students who did not study Economics at A-Level and who are registered on:
| Programme | UCAS Code | Programme length |
|---|---|---|
| BSc Accounting and Economics | NL41 | 3 years |
| BSc Economics and Finance | L1NH | 3 years |
| BSc Economics | L100 | 3 years |
| BSc Economics and Management Sciences | L112 | 3 years |
| Bsc Economics and Actuarial Science | L1N3 | 3 years |
| M.Econ Master in Economics | L101 | 4 years |
Having studied the unit, you should understand the technical language used by economists and have a good understanding of the basic concepts used in
microeconomic analysis. You should 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. You should also have an appreciation of the rationale for and limitations of, government intervention in the operation of markets.
The first part of the unit will concentrate on how markets work - 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, the second part of the unit will discuss the issue of the desirability of markets. Under what circumstances do markets fail to act in the interests of individuals? When do markets fail? What government policies might improve on the performance of markets?
Study time allocation
Contact hours: 32
Private study hours: 118
Total study time:
150
hours
Teaching and learning methods
Lectures & tutorial classes
Resources and reading list
Available on Blackboard.
Assessment methods
The unit will be assessed by a final examination (2 hours) in which you will be expected to answer a compulsory question, a range of short-answer questions, and write an essay. This format will enable you to demonstrate both the breadth and depth of your understanding of microeconomics. It will test knowledge of basic theoretical concepts and the ability to apply economic analysis. Both problem-solving and written communication skills will be assessed.
The unit assessment will be based 80% on a final examination and 20% on
coursework. In the event of you having to resit this unit, your coursework marks will not be carried forward.