Principles of Economics (Microeconomics)

Module title	Principles of Economics (Microeconomics)
Module code	INT1013
Academic year	2022/3
Credits	15
Module staff	Matthew Wilson (Convenor)

Duration: Term	1	2	3
Duration: Weeks	12

Number students taking module (anticipated)	280

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 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

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 and market failure
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

Details of learning activities and teaching methods

Category	Hours of study time	Description
Scheduled learning and teaching activities (synchronous)	20	Lecture and workshop activities
Scheduled learning and teaching activities (synchronous)	40	Seminars - these will be teacher led. You should prepare for each seminar based on the related lecture
Formative assessed activities	20	Working on case studies, problem solving activities, preparing and interpreting graphical information.
Guided Independent study	70	Reading and research; practice of techniques; web-based activities

Assessment

Formative assessment

Form of assessment	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Case studies, group work, online checking of learning	1-2 hours	1-5	Written and verbal

Summative assessment (% of credit)

Coursework	Written exams	Practical exams
40	60

Details of summative assessment

Form of assessment	% of credit	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Written exam (open book)	60	2 hours	2,3 & 4	Performance Outcome
Coursework	40	Case study, 1800 words	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 (open book)	2 hours	1-5	Next 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 (open book). 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

Basic reading:

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

Indicative learning resources - Web based and electronic resources

Web based and electronic resources: ELE – http://vle.exeter.ac.uk/course/view.php?id=4499

Module has an active ELE page

Indicative learning resources - Other resources

Other resources:

Begg, D., Vernaca, G. Fischer, S. & Dornbusch, S. (2014). Economics 11thEd.). 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?	Yes
Origin date	8/6/2015
Last revision date	27/06/22