PRINCIPLES OF MICROECONOMICS - 2020/1
Module code: ECO1018
This module builds on the Introductory Economics module by extending the analyses of microeconomic concepts. In particular, it looks at market failures, compares theories of the firm, studies labour markets and explains the constrained optimisation model of consumer behaviour. The module also uses maths from the Quantitative Methods and Maths for Economics modules to demonstrate the role maths can play in economic theory.
VITIELLO Francesco (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 4
JACs code: L120
Module cap (Maximum number of students): N/A
Overall student workload
Workshop Hours: 5
Independent Learning Hours: 123
Lecture Hours: 22
Prerequisites / Co-requisites
Indicative content includes:
- Market failures
- Government failures
- Monopoly and oligopoly
- Labour markets
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||MULTIPLE CHOICE CLASS TEST (30 MINS)||10|
|School-timetabled exam/test||MULTIPLE CHOICE CLASS TEST 2 WITH MATHS QUESTIONS (45 MINS)||20|
|Examination||2 HOUR EXAMINATION||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate
Their understanding of basic Microeconomic principles following on from the Introduction to Economics module. Students who complete the module successfully will have demonstrated an ability to answer analytical questions using a mixture of maths, diagrams and prose. They will have demonstrated an understanding of all the topics in the module.
Thus, the summative assessment for this module consists of:
- Two coursework tests and a final exam.
- Coursework test 1 consists of 20 multiple choice questions (held in Week 5, covering Weeks 1-4, 30 mins). Worth 10% of the final mark.
- Coursework test 2 consists of 20 multiple choice questions and five short maths questions (held in Week 10, covering Week 5-9, 45 mins). Worth 20% of the final mark.
- Final exam of two hours (70%), which consists of both multiple choice questions covering all 11 weeks and three (from four) longer questions which require a mixture of maths, diagrams and written responses.
- The multiple choice tests allow students to demonstrate the breadth of their understanding of the economic principles and models studied across the module. The first test also enables students to receive relatively early feedback on how they have started the module; the second test allows feedback on their later accomplishments and how well they have picked up the mathematical learning outcome; both involve questions like those they will see in the exam.
- The longer questions on the exam allow the students to demonstrate their ability to apply their knowledge in deeper ways (explanations, derivations, drawing their own diagrams, etc). The questions are drawn from (but do not cover) the whole module, and this explains the degree of choice offered on these.
Formative assessment and feedback
Students receive verbal feedback during lectures (in which multiple questions and real-world examples of the use of economics are discussed) and workshops. They also have fortnightly feedback sessions. For these, students are being provided with a set of exercises relating to the lecture material which they solve independently or in teams. In the feedback sessions, they receive feedback on their answers, and guidance on how these answers could be improved. In addition to this, students receive guideline solutions online. Before each coursework test, some sample questions (with answers) are made available for students to familiarise themselves with the setup of the coursework tests. After each coursework test written feedback is provided, consisting of a complete set of answers; questions that caused particular problems are covered in class. At the start of the module, the previous year’s tests and exam are made available (on SurreyLearn) and a final revision session helps with preparation for the exam.
- build on the Introductory Economics module by showing how the models of perfect markets and competition are altered when their key assumptions change.
- demonstrate the possibility of government failure as well as market failure
- apply market analysis to labour markets.
- demonstrate the link between Mathematics for Economics module and economic analysis to ways on which law, and policy towards the law, can be analysed by economists
|1||Explain how markets and governments can fail in producing optimal outcomes||C|
|2||Explain the main differences between competition, monopoly, imperfect competition and oligopoly||C|
|3||Explain why different jobs generate different pay, the effect this has on income distribution and the role of minimum wages in the UK labour market||KC|
|4||Apply basic mathematical concepts to basic microeconomic models||C|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
- enhance skills in analysis, written presentation and the application of maths to economics
- appreciate the complexities markets
The learning and teaching methods include:
- 2-hour lecture per week x 11 weeks
- 1-hour feedback sessin x 5 weeks
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Upon accessing the reading list, please search for the module using the module code: ECO1018
Programmes this module appears in
|Business Economics BSc (Hons)||2||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
|Economics and Finance BSc (Hons)||2||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
|Politics and Economics BSc (Hons)||2||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
|Economics BSc (Hons)||2||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
|Financial Mathematics BSc (Hons)||2||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2020/1 academic year.