Foundations of Microeconomics: Choice, Markets and Welfare
| Code | School | Level | Credits | Semesters |
| ECON1022 | Economics | 1 | 10 | Autumn UK |
- Code
- ECON1022
- School
- Economics
- Level
- 1
- Credits
- 10
- Semesters
- Autumn UK
Summary
This is a single semester introductory module in microeconomics; there is no assumption of any prior knowledge of economics. It begins by analysing how the economic choices of households and firms can be understood using consumer and producer theory. It then looks at how these individual choices are aggregated into market demand and supply to be mediated through the price mechanism. A variety of market settings are considered, ranging from the paradigm of perfect competition to the analysis of monopolistic firms. The module continues by providing an introduction to the normative evaluation of economic outcomes and market failures. The module also introduces students to the essential skills required for study as an economist.
Target Students
Available to Year 1 Undergraduate students on the BA Hons Philosophy, Politics and Economics degree. Not available to Industrial Economics students. Not available to Exchange students. This module cannot be taken with ECON1043 Foundations of Economics.
Classes
This module is delivered through a series of lectures and tutorials.
Assessment
- 100% Exam 1 (1-hour): Exam
Assessed by end of autumn semester
Educational Aims
To provide a sound basis in the fundamentals of micro-economics and their application to both theoretical and real-world situations.To develop analytical skills using the major methods of mathematics and diagrams.Learning Outcomes
The specific learning outcomes that apply to this module are:
Demonstrate a broad knowledge of core areas of economics
Demonstrate understanding of verbal, graphical, mathematical and econometric representation of economic ideas and analysis, including the relationship between them
Work with abstract concepts and in a context of generality
Reason logically and work analytically
Be able to frame analysis of problems, identifying which parameters should be taken as fixed and why they might change
Discuss and analyse government policy
Understand the context in which a problem is to be addressed
Apply mathematical, statistical and graphical techniques in an appropriate manner
Communicate effectively and clearly in written and oral formats.