The learning strategy for the module requires students to commit 150 learning hours (including assessment). There will be 36 hours of class support and 114 hours of independent and self-directed study.

Students will engage with:
• A mix of lectures / tutorials and small group activities, plus self-directed learning. Learning support material will be provided for independent / self-directed learning.
• Participation in group activities
• Workshops
• Technology supported activities (e.g. wiki development)

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

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.

An Examination, length 1.5 hours and weighted at 100%. Will assess 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)