Core
4
6 ECTS
Autumn
None
EC 110
Tahir Mahmutefendic
2017
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
| 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 | ||
| 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 |
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)
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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