Description
Principles of Economics (Microeconomics)
Module title | Principles of Economics (Microeconomics) |
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Module code | INT1013 |
Academic year | 2018/9 |
Credits | 15 |
Module staff | Dr Olayinka Oyekola (Convenor) Clive William Duncan (Lecturer) |
Duration: Term | 1 | 2 | 3 |
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Duration: Weeks | 12 | 0 | 0 |
Number students taking module (anticipated) | 150 |
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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
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 |
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60 | 90 | 0 |
Details of learning activities and teaching methods
Category | Hours of study time | Description |
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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 |
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Class tests | Typically 1 hour | 1-5 | Written and verbal |
Summative assessment (% of credit)
Coursework | Written exams | Practical exams |
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20 | 80 | 0 |
Details of summative assessment
Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
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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 |
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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 (9th 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 (11th Ed.). Economics. Maidenhead: McGraw-Hill.
Credit value | 15 |
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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 |