Microeconomics for Business
| Code | School | Level | Credits | Semesters |
| BUSI1099 | Business | 1 | 20 | Spring UK |
- Code
- BUSI1099
- School
- Business
- Level
- 1
- Credits
- 20
- Semesters
- Spring UK
Summary
The module provides a thorough exploration of essential economic concepts crucial for understanding market dynamics and decision-making. It covers gains from trade, absolute and comparative advantage, establishing the groundwork for comprehending the advantages of international exchange. In Consumer Theory, students delve into indifference analysis and the attributes approach to understand consumer preferences. Intertemporal consumption introduces decision-making over time, exploring the two-period consumption model and practical applications of present value. Factor markets, encompassing labour and capital markets, are examined for a grasp of resource allocation dynamics. The module extends into Welfare Economics, addressing market efficiency, externalities, public goods, and information failure. The section on Choice under Uncertainty covers decision-making in uncertain scenarios, including expected utility, risk aversion, and insurance principles. Through these topics, students gain a robust understanding of economic principles applicable to various real-world scenarios.
Target Students
Qualifying Year students on one of the BSc Hons Industrial Economics variants. Student needs to be taking or have taken BUSI1095 or BUSI1097. Also available to Exchange students.
Co-requisites
Modules you must take in the same academic year, or have taken in a previous year, to enrol in this module:
Classes
- One 1-hour tutorial each week for 2 weeks
- Two 2-hour lectures each week for 10 weeks
Assessment
- 100% Exam (2-hour): In person exam.
Assessed by end of spring semester
Educational Aims
To develop an understanding of important microeconomic concepts:- Explore the benefits of trade and the principles of absolute and comparative advantage.- Delve into consumer preferences through indifference analysis and the attributes approach.- Understand intertemporal choices using a two-period consumption model and the applications of present value.- Explore labour and capital markets to comprehend the dynamics of factor markets.- Analyse market efficiency, externalities, public goods, and information failure in the context of welfare economics.- Examine decision-making in uncertain situations, covering expected utility, risk aversion, and the concept of insurance.Learning Outcomes
Knowledge and Understanding
This module develops a knowledge and understanding of:
• The development, access and operation of markets for resources, goods and services.
• A coherent core of economic principles, including the microeconomics of decision and choice, production and exchange
• Ability to apply core economic theory and economic reasoning to applied topics.
Intellectual skills
This module develops:
● Conceptual and critical thinking, analysis, synthesis and evaluation.
Professional practical skills
This module develops:
● The ability to apply microeconomic models to economic problems and phenomena.
Transferable (Key) Skills
This module develops:
● Self-management and a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time.
● Articulating and effectively explaining information.