The University of Southampton

ECON1003 Principles of Microeconomics

Module Overview

This module, combined with ECON1002 - Principles of Macroeconomics – will provide 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.

Aims and Objectives

Module Aims

To introduce students who have some prior knowledge of economics to the core principles and techniques of microeconomic theory.

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: - Consumer 's theory - Competitive firm - Game Theory - Competitive equilibrium - First welfare theorem - Monopoly - Externalities and public goods.

Learning and Teaching

Independent Study118
Total study time150

Resources & Reading list


Microeconomics Theory and Applications with Calculus. 

Intermediate Microeconomics. 


Assessment Strategy

The module assessment will be based on a 2-hour closed book final examination (80%), and two assessed courseworks (10% each). The courseworks and the final examination test the ability of students to use the theoretical concepts and tools learnt during the course in solving and analysing economic problems.


MethodPercentage contribution
Coursework 20%
Exam  (2 hours) 80%


MethodPercentage contribution
Exam 100%

Linked modules

One of the pre-requisites for ECON1004, ECON2001, ECON2003, ECON2005, ECON2013 and ECON3027

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