Principles of Economics (Microeconomics)

Module title	Principles of Economics (Microeconomics)
Module code	INT1013
Academic year	2018/9
Credits	15
Module staff	Dr Olayinka Oyekola (Convenor) Clive William Duncan (Lecturer)

Duration: Term	1	2	3
Duration: Weeks	12	0	0

Number students taking module (anticipated)	150

Description - summary of the module content

Module description

Economics offers powerful insights into the world in which we live. This introductory economics course aims to provide an essential, simple, useable body of economic theory which will provide the basis for further study and equip students with a real understanding of the role of economics in business, public and private decision making. Students will be taught how to apply the theory to analysis of the real world.

This Module taken with INT1014 Macroeconomics is the equivalent of BEE 1029. No prior knowledge of economics is needed for this module

Module aims - intentions of the module

The aim of this module is to provide an essential, simple, useable body of economic theory, which will both provide the basis for further study and equip students with a real understanding of the role of economics in business, public and private decision making. The students will go on to apply the theory to analysis of the real world.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

1. Apply the economic way of thinking to enable you to understand microeconomic problems
2. Understand the concept of market failure and the effect governments can have on the provision and pricing of goods and services
3. Apply microeconomic models and make use of them in business contexts

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

4. Analyse the link between current microeconomic problems and economic theory

ILO: Personal and key skills

On successfully completing the module you will be able to...

5. Participate in problem solving activities

Syllabus plan

Introducing Economics - foundations of microeconomics – the economic problem
Supply, Demand and Elasticity
Background to Demand & Supply
Profit maximising under perfect competition and monopoly
Profit maximising under imperfect competition
Alternative theories of the firm.
The Theory of the distribution of income
Microeconomic policy

Learning and teaching

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching Activities	Guided independent study	Placement / study abroad
60	90	0

Details of learning activities and teaching methods

Category	Hours of study time	Description
Scheduled learning and teaching activities	24	Lecture
Scheduled learning and teaching activities	36	Seminars - these will be teacher led. You should prepare for each seminar based on the related lecture
Study Clinic	12	Optional sessions to reinforce key skills
Guided Independent study	40	Reading and research
Guided Independent study	20	Practice of techniques
Guided Independent study	18	Web-based activities

Assessment

Formative assessment

Form of assessment	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Class tests	Typically 1 hour	1-5	Written and verbal

Summative assessment (% of credit)

Coursework	Written exams	Practical exams
20	80	0

Details of summative assessment

Form of assessment	% of credit	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Examination	80	2 hours	1-5	Verbal during following semester
Coursework	20	4 on-line assessments	1-5	Written and verbal

Re-assessment

Details of re-assessment (where required by referral or deferral)

Original form of assessment	Form of re-assessment	ILOs re-assessed	Timescale for re-assessment
Written examination	Written examination	1-5	During next examination period

Re-assessment notes

The pass mark for award of credit in this module is 40%. Referral or deferral is a process whereby a further attempt at the module examination, following an initial failure, is permitted without the requirement to repeat any attendance. This will constitute a second formal examination. The grade for the re-assessment, and therefore the module grade, will be capped at 40%.

Resources

Indicative learning resources - Basic reading

Sloman, J., Wride, A. & Garratt, D. (2015). Economics (9^th Ed.). Harlow: Pearson.

Indicative learning resources - Web based and electronic resources

http://vle.exeter.ac.uk/course/view.php?id=4499

Module has an active ELE page

Indicative learning resources - Other resources

Begg, D. Vernaca, G. Fischer, S. & Dornbusch, S. (2014). Economics (11^th Ed.). Economics. Maidenhead: McGraw-Hill.

Key words search

Economics; microeconomics; supply; demand; government; intervention; market; profit maximising; perfect competition; monopoly; imperfect competition; theory; distribution of income; efficiency.

Credit value	15
Module ECTS	7.5
Module pre-requisites	none
Module co-requisites	none
NQF level (module)	4
Available as distance learning?	No
Origin date	8/6/2015
Last revision date	24/07/2018