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Description

Principles of Economics (Microeconomics)

Module titlePrinciples of Economics (Microeconomics)
Module codeINT1013
Academic year2021/2
Credits15
Module staff

Matthew Wilson (Convenor)

Duration: Term123
Duration: Weeks

12

12

0

Number students taking module (anticipated)

200

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 BEE1029. 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 and interpret 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 ActivitiesGuided independent studyPlacement / study abroad
60900

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Scheduled learning and teaching activities (synchronous)20Lecture and workshop activities
Scheduled learning and teaching activities (synchronous)20Seminars - these will be teacher led. You should prepare for each seminar based on the related lecture
Formative assessed activities20Working on case studies, problem solving activities, preparing and interpreting graphical information.
Guided Independent study90Reading and research; practice of techniques; web-based activities

Assessment

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Case studies, group work, online checking of learning1-2 hours1-5Written and verbal

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
40600

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Written Examination (open book)602 hours2-4Performance Outcome
Coursework40Case study, 1800 words1, 5Written and verbal

Re-assessment

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

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Written examination (open book)Written examination (open book), 2 hours1-5Next assessment opportunity

Re-assessment notes

Deferral – if you miss an assessment for reasons judged legitimate by the Mitigation Committee, the applicable assessment will normally be deferred. See ‘Details of reassessment’ for the form that assessment usually takes. When deferral occurs there is ordinarily no change to the overall weighting of that assessment.

Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be required to take a re-sit exam. Only your performance in this exam will count towards your final module grade. A grade of 40% will be awarded if the examination is passed.

Resources

Indicative learning resources - Basic reading

Acemoglu. D., Laibson. D, List, J.A (2019) Microeconomics (2nd Ed) GLOBAL EDITION: 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.

Key words search

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

Credit value15
Module ECTS

7.5

Module pre-requisites

none

Module co-requisites

none

NQF level (module)

4

Available as distance learning?

Yes

Origin date

8/6/2015

Last revision date

30/07/2021