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SSST Subjects

EC 110 Introduction to Microeconomics

 
 

Programme(s) where module is offered

  • BSc in Economics with International Business
  • BSc in Economics with Finance
  • BSc in Business and Management with Finance
  • BSc in Business and Management with Economics
  • BA in Political Science and International Relations with Economics
  • BSc in Computer Science with Economics
  • BSc in Information Systems with Economics
 

Status (core, option, free choice)

Core

 

FHEQ Level

4

 

Unit Value

6 ECTS

 

Semester taught

Autumn

 

Pre-Requisite Modules or Qualifications

None

 

Module Code

EC 110

 

Module coordinator

Tahir Mahmutefendic

 

Applicable From

2017

 

Educational Aims of the Module

  • The aim of this programme is to provide participants with the opportunity to develop confidence and skills to use economic way of thinking when making certain decisions.
  • This course aims to encourage the acquisition of general skills relating to the supply and demand concepts with basic economic graphs; basic concepts and tools of microeconomics and emphasize how they can be used to understand a broad range of real world problems.
  • This course aims to offer a fresh and stimulating approach to consumer behaviour and firm behaviour, market equilibria and the role of the government in the economy.
  • Also, it examines models of perfect and imperfect competition and the determination of product price and quantities. Moreover, students will be able to get deeper knowledge of economic inequality and functioning of capital and financial markets.
 

Module Outline/Syllabus

  • What is Economics?

  • Supply and Demand

  • Working with Supply and Demand

  • Consumer Choice

  • Production and Cost

  • How Firms Make Decisions: Profit Maximization

  • Perfect Competition

  • Monopoly

  • Monopolistic Competition and Oligopoly

 

Student Engagement Hours

Type Number per Term Duration Total Time

Lectures

15 1.5 22.5

Workshops

5 1.5 7.5

Seminars

5 1.5 7.5
Tutorials 5 1.5 7.5
Total Guided/Independent Learning Hours 45.0
Total Contact Hours 105.0
Total Engagement Hours 150.0
 

Assessment Method Summary

Type Number Required Duration / Length Weighting Timing / Submission Deadline

Exam

1 3 hours 20%

Week 17

Mid-semester test

1 2 hours 20%

Week 8

Written project and presentation

1

Up to 2000 words

Written part: 20%

 

Presentation: 10%

Week 12

 

Module Outcomes

Intended Learning Outcomes:

  • To improve understanding of the most important terminology from the field of Economics and Microeconomics.

  • To enhance comprehension of basic microeconomic models and graphs and communicate results reliably

  • Understand how scarcity forces decision-making and what decision-making is based on

  • Interpret how real life situations are applicable in a simplified modelled world of microeconomics

  • Present the basic knowledge related to the firms' decision making process in different types of market conditions

  • Communicate the impact of restrictions, imperfect market and government regulations

  • To identify concepts and principles underlying theoretical frameworks in Economics and Microeconomics.

Teaching and Learning Strategy:

  • Teaching will mostly be done in a lecture format with plenty of real-world examples crucial for understanding the core topics. In addition to the key text book, supplementary resources will be used, including the most recent articles. In this way, students will be able to relate the theoretical part to the current real world issues. (ILO:1-7)

  • Students will be encouraged to engage in the subject and discuss key themes. They will also be encouraged to suggest the discussion topics such as some interesting case study or any other topic related to the subject. (ILO:1-7)

  • Lectures will contain theoretical and application-based examples as well as some thought provoking exercises for students (ILO:1-7)

  • Most of the application-based problems will be done in tutorial sessions. Application based problems will be firstly solved by professor, and after that students will be given opportunity to solve problems. Their activity will be marked and they will have the opportunity to ask questions related to the application based problems. (ILO:1-7)

Assessment Strategy:

  • Mid semester test (ILO:1-3)

  • Final exam (ILO 1-7)

  • Written project and presentation (ILO:1-7)

Practical Skills:

  • To recognize complex microeconomic relationships

  • Understand abstract concepts and derive them (i.e. utility) for the purposes of decision making

  • Ability to construct aggregate demand and aggregate supply models

  • Ability to apply AD/AS model to different market structures

Teaching and Learning Strategy:

  • In-class exercises and demonstration of model applications with active student participation (PS: 1-4)

  • Individual assignments and presentation (PS:1-4)

  • Lectures and tutorials (PS:1-4)

Assessment Strategy:

  • Written Exams (PS:1-4)

  • Individual project assignment and presentation (PS:1-4)

Transferable Skills:

  • A problem-centered and problem-solving approach

  • Ability to effectively present own and others’ point of view

  • Numeracy skills

  • Develop effective information retrieval skills

  • Ability to present a balanced argument

Teaching and Learning Strategy:

  • Teaching will be predominantly lectures, with use of examples and case-study application (TS:1-5)

  • Tutorials and group exercises will allow topical discussion in a class setting (TS:1-5)

Assessment Strategy:

  • Project assignment (TS: 1,5)

  • Written examination (TS: 1-5)

  • Individual assignments and presentation (TS: 1,2,4,5)

 

Key Texts and/or other learning materials

Set text

  • Hall, R., Lieberman, M., (2012), Microeconomics-Principles and Applications, 6th Edition, Thompson South-Western

Supplementary Materials

  • Robert H. Frank, (2013) Microeconomics and Behavior, 9th ed. McGraw Hill

  • Frank, Robert., (2016) Microeconomics and Behaviour [online], http://highered.mheducation.com/sites/0073375942/information_center_view0/index.html (Accessed 17th June 2016).

  • New York Times (2017) [online], www.nytimes.com (Accessed 8th April 2017)

  • Financial Times (2017), [online], www.ft.com (Accessed 8th April 2017)

  • Wall Street Journal (2017), [online] www.wsj.com (Accessed 8th April 2017)

  • William J. Baumol and A. Blinder., (2010)Microeconomics, Thomson.

  • Robert H. Frank and B. Bernanke,(2015) Principles of Microeconomics, 6th Edition, McGraw Hill.

  • Jeffrey M. Perloff, (2014), 7th Edition, Microeconomics, Pearson.

  • Robert Pyndyck and D. Rubinfeld,(2014) Microeconomics, 8th Edition, Prentice Hall.

  • Hal Varian, (2014). Intermediate Microeconomics, 9th Edition,Norton.

  • Case, K., Fair., R., Oster, S., (2016), Principles of Microeconomics, 12th Edition, Pearson

  • Mankiw, G., (2014), Principles of Microeconomics, 7th Edition, Cengage Learning

  • Mankiw, G., Taylor, P., (2014), Microeconomics, 3rd Edition, Thomson Learning

  • Estrin, S., Dietrich, M., Laidler, D., (2012), Microeconomics, 6th Edition, Pearson

Please note

This specification provides a concise summary of the main features of the module and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes full advantage of the learning opportunities that are provided.

More detailed information on the learning outcomes, content and teaching, learning and assessment methods of each module and programme can be found in the departmental or programme handbook.

The accuracy of the information contained in this document is reviewed annually by the University of Buckingham and may be checked by the Quality Assurance Agency.

Date of Production : April 2017

Date approved by School Learning and Teaching Committee:

Date approved by School Board of Study

Date approved by University Learning and Teaching Committee

Date of Annual Review

       
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