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The University of Southampton

ECON1003 Principles of Microeconomics

Module Overview

This module aims to provide an introduction to microeconomic analysis - the detailed analysis of individuals and groups within the economy. Combined with ECON1002 - Principles of Macroeconomics - it forms an appropriate foundation for subsequent economic modules. This module is geared towards students that have an A-Level in Economics. Students cannot take ECON1003 AND ECON1001, only one of these two modules can be selected. One of the pre-requisites for ECON1004, ECON2001, ECON2003, ECON2005, ECON2013 and ECON3027

Aims and Objectives

Learning Outcomes

Learning Outcomes

Having successfully completed this module you will be able to:

  • Understand the technical language of economics
  • Apply the basic concepts of microeconomic analysis and use appropriate tools in solving economic problems
  • Recognise the consequences of government intervention to the functioning of markets


This module introduces basic microeconomic principles. It will cover: - Technology - Competitive firm - Consumer’s theory - Commonly used normative criteria - Competitive equilibrium - Welfare properties of competitive equilibria - Monopoly - Imperfect competition and game theory - Externalities and public goods

Learning and Teaching

Teaching and learning methods

The structure of the unit includes: - 24 Lectures (2 Lectures per week, from W1 to W12); - 8 Master Classes (1 MCs per week, from W3 to W10) 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.

Independent Study118
Total study time150

Resources & Reading list

E Jeffrey M. Perloff (2018). Microeconomics. 

Hal R. Varian. Intermediate Microeconomics: A Modern Approach. 

David Besanko, Ronald Braeutigam (2013). Microeconomics. 


Assessment Strategy

The module assessment will be based on an end of semester exam (70%), midterm test (20%), and continuous coursework throughout the semester (10%). Students can form small study groups to jointly submit solutions to the coursework problems. The questions in the exam and test will be like those in the coursework. However, the marking strategy is different: marking of the coursework rewards effort and is lenient if the answers are not correct; the exam and test evaluate whether students learned how to apply the analytical tools of Microeconomics correctly.


MethodPercentage contribution
Coursework 10%
Exam 70%
Mid-term test 20%


MethodPercentage contribution
Exam  (2 hours) 100%


MethodPercentage contribution
Exam 100%

Repeat Information

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

Texts should generally be available on the reserve list in the library. However due to demand, students may prefer to buy their own copies. These can be purchased from any source

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

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