Gillespie, A. (2014) Foundations of Economics, 3rd ed. New York: Oxford University Press
Parkin, M., Powell, M., & Matthews, K. (2012). Essential Economics: European Edition. Essex, UK: Pearson
Sloman, J. and Wride, A., & Garratt , D. (2012). Economics (8th ed.). Essex, UK: Pearson.

A range of resources, including, University library and IT facilities, the Internet, journals and databases

This module extends students' understanding of key concepts in the analysis of consumer and producer behaviour under different market conditions. Particular attention will paid to the role of choice and information in economic decision making. Economic efficiency, including the coverage of externalities and public goods, will be also studied. Throughout the module, the emphasis will be on the application of theory to practical problems and policy issues. The statistics/calculations required for understanding the concepts and models will be integrated into the deliveries.

Topics:
Introductory concepts, principles of economics
Demand and supply
Market equilibrium
Elasticity
Consumer behaviour
Producer behaviour
Market failure
Government intervention
Market structures: Perfect competition, monopoly, oligopoly

Supporting statistics/calculations:
Demand and supply equations
Graphical representations of changes in prices and quantities
Elasticity calculations and their effects on firms’ revenue
Calculating the level of output and price to maximise profits

An EXAM length 1.5 HOURS weighted at 100% (Tests all Learning Outcomes)

1. Demonstrate knowledge and understanding of the microeconomic concepts and principles (Knowledge & Understanding, Learning)

2. Understand and apply basic statistics and understand how these can be important for economic analysis (Application, Analysis)

3. Apply microeconomic analysis to different business and/or societal situations (Problem solving, Application)

The learning strategy for this module is based around students committing a total of 150 hours of activities towards achieving the learning outcomes. These will be split between 39 hours of direct contact with a tutor and 111 hours of directed, guided and self-study, together with preparation for and completion of the assessment tasks. Learning support material will be provided for the module.
The module will draw upon a mixture of activities including lectures, web-based activities, case study analysis, relevant videos and in-class discussions, individual and group problem solving and self-directed learning.