INTRODUCTION TO MICROECONOMICS - 2021/2
Module code: MAN0007
In light of the Covid-19 pandemic, and in a departure from previous academic years and previously published information, the University has had to change the delivery (and in some cases the content) of its programmes, together with certain University services and facilities for the academic year 2020/21.
These changes include the implementation of a hybrid teaching approach during 2020/21. Detailed information on all changes is available at: https://www.surrey.ac.uk/coronavirus/course-changes. This webpage sets out information relating to general University changes, and will also direct you to consider additional specific information relating to your chosen programme.
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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.
Surrey Business School
NURMIKKO-METSOLA Sanna (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 3
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
Indicative content includes:
• Introduction to Economics
• Market equilibrium
• Consumer theory
• Theory of the firm
• Market structures
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||Class Test 1 - MCQ - 30 Minutes||10|
|School-timetabled exam/test||Class Test 2 - MCQ + short answer questions - 1 Hour||20|
|Examination||Examination - 2 Hour||70|
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.
- 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
|001||Understand and engage in discussions on the microeconomic environment||CK|
|002||Have a comprehensive knowledge of the microeconomic foundations of how markets function and how market outcomes may be influenced by government policies||CK|
|003||Be able to mathematically solve and graphically illustrate introductory level core microeconomic models||CKPT|
|004||Be able to build, develop and enhance personal examination technique||T|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 60
Lecture Hours: 22
Seminar Hours: 10
Tutorial Hours: 58
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.
Upon accessing the reading list, please search for the module using the module code: MAN0007
Programmes this module appears in
|Mathematics with Foundation Year BSc (Hons)||1||Optional||A weighted aggregate mark of 50% is required to pass the module|
|Mathematics with Statistics with Foundation Year BSc (Hons)||1||Optional||A weighted aggregate mark of 50% is required to pass the module|
|Financial Mathematics with Foundation Year BSc (Hons)||1||Optional||A weighted aggregate mark of 50% 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 2021/2 academic year.