INTRODUCTION TO MICROECONOMICS - 2021/2

Module Overview

The module aims to introduce the students to the core elements of microeconomic theory and the conceptual frameworks which underpin it. The module will begin with a discussion of Economics as a science and its basic principles and concepts. The focus will then move onto the market equilibrium, i.e., the supply and demand model and the impact of government intervention in the market outcomes. Consumer theory and the theory of the firm will be studied to understand the background to the supply and demand model before turning to the welfare implications of different market structures. The methodological approach will emphasise the use of mathematical tools in the analysis of the theoretical models.

Module provider

Economics

Module Leader

SIMS Peter (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 3

Module cap (Maximum number of students): N/A

Module Availability

Semester 1

Prerequisites / Co-requisites

n/a

Module content

Indicative content includes:
-Introduction to Economics
-Market equilibrium
-Consumer theory
-Theory of the firm
-Market structures

Assessment pattern

Alternative Assessment

n/a

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of the introductory level core microeconomic theory. Students will be able to reinforce their mathematical skills development whilst experiencing the pressures of examination conditions. Thus, the summative assessment for this module consists of:

-Class test 1: MCQ

-Class test 2: MCQ + short answers

-An examination

Formative assessment and Feedback Students will receive verbal feedback during the lectures and seminars through direct questioning. After the class tests, the test questions, solutions, and main feedback will be discussed in class. All this feedback will help students to judge their own performance and prepare for the final exam. In addition, students will be encouraged to attend office hours to receive further individual feedback.

Module aims

• Develop an up-to-date knowledge and understanding of the introductory level core microeconomic models and theories
• Build knowledge of the microeconomic foundations of how markets function and how government policies may shape market outcomes
• Develop analytical skills to solve and analyse microeconomic models
• Develop the ability to analyse and discuss the welfare implications of government interventions

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

The learning and teaching strategy is designed to introduce students to the microeconomic environment and the theoretical and conceptual frameworks which underpin it. Developing mathematical skills, students will be able to solve and analyse introductory level core microeconomic models in order to draw conclusions about market outcomes.

Emphasis will be placed on developing analytical skills for interpretation and analysis of microeconomic theories and models in order to prepare students for the demands of FHEQ level 4.

The learning and teaching methods include:

The learning and teaching methods will include lectures (2 hours per week) and seminars (1 hour per week). Lectures will introduce students to core microeconomic models and theories. An emphasis will be placed on developing analytical skills to solve microeconomic models using mathematical tools and graphical illustrations. Seminars are designed to reinforce the knowledge of theories and mathematical skills by providing opportunities to problem solving where these skills and knowledge can be applied.
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.

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.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECO0001

Other information

n/a

Programmes this module appears in

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 2021/2 academic year.