1 Demonstrate knowledge and understanding of key microeconomic concepts and principles. Knowledge & Understanding, Learning.
2 Understand and apply basic statistics and understand how these can be important for microeconomic analysis. Analysis and Application.
3 Apply basic economic theory and principles to different current microeconomic issues and/or societal situations. Problem Solving & Application.
4 Evaluate and analyse arguments and scenarios and apply the economics principles to solve microeconomic and managerial problems. Analysis and Application.

In-Class quiz 30 minutes (MCQs and/or short questions) (30%) LOs 1,2

Exam (2 hours) (70%) plus 10 mins reading time (LOs 1, 2, 3 & 4)

Students will learn how to apply economics to make informed business decisions through the study of key microeconomic principles. You will learn to apply economic analysis to different personal, business and societal situations. The knowledge you will gain will be your most reliable guide in the understanding market and firm behaviour, and government decisions.

Economic efficiency, including the coverage of externalities and public goods, will be also studied. Throughout the module, 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.

Introductory Concepts and Principles of Economics, Demand and Supply, Market Equilibrium, Elasticity, Consumer Behaviour, Producer Behaviour, Market Failure, Government Intervention and Market structures: Perfect competition, Monopoly, Oligopoly and Monopolistic Competition

The learning strategy for the module requires students to commit 200 learning hours (including assessment) of which there will be 36 hours of tutor-led learning and 164 hours of independent and self-directed study. During the tutor-led learning hours, students will receive robust support through interactive tutorials where they can ask questions, clarify doubts, and receive personalized guidance on challenging concepts. These tutorials are designed to foster a deeper understanding of the material, with opportunities for collaborative learning and discussions that enhance comprehension and retention.
Concepts, theories and principles will be explored, practiced, and demonstrated. Practical skills enhanced by recommended videos and talks. LinkedIn Learning will be used to direct self-study learning throughout the study block. Cognitive and personal skills developed in open-ended problem-solving exercises. Oral feedback will be given during sessions. The assessment will examine the wider learning outcomes expressed in the descriptor.

You will undertake ‘formative’ assessments during the module to help you monitor your learning and provide you and us with ongoing feedback on your progress, that helps you prepare for the ‘summative assessment(s) during or at the end of the module. The formative assessments may include quizzes, short essays, or problem-solving exercises, with feedback given to help students identify areas for improvement.

The use of AI tools such as ChatGPT can be beneficial in learning, however, students must adhere to the following guidelines: (i) all submitted work must be original and written by the student; (ii) if a student utilizes AI tools to generate ideas or receive guidance, this must be clearly cited in the submitted work, just as any other source would be; (iii) students should be mindful of the ethical implications of using AI in their studies, ensuring that their use of such tools does not constitute academic dishonesty.

Unit feedback:
During semester, students’ feedback on the module will be collated and distributed through University's online platform, ensuring consistency with other units and focusing on both improvement and future success. This process includes both individual feedback and cohort-wide summaries, aligning with the university's standardized approach to learning and assessment.

MAIN TEXT:
Parkin M. (2022). Microeconomics 14th Edition. Pearson.

Baumol, William J., Blinder, Alan S., Solow, John L. (2020) Economics, Principles and Policy 14th ed. USA: Cengage Learning

Parkin, M., Powell, M., & Matthews, K. (2017). Essential Economics: European Edition. Essex, UK: Pearson

To develop an interest in economics and enhance the chance of success, the following websites are recommended for obtaining updated news:
www.bbc.co.uk/news/business
www.theguardian.com/uk/business
www.timesonline.co.uk
www.ft.com
www.economist.com
www.independent.co.uk
www.businessweek.com

Module Study Guide and Handbook
BUV Learning Resources Centre and website
BUV Canvas; Learning Management System
SU VLE
SU Library