Economics

Microeconomics 1

Module code: L1053
Level 4
15 credits in spring teaching
Teaching method: Seminar, Lecture
Assessment modes: Coursework, Unseen examination

This module develops consumer and producer theory, examining such topics as consumer surplus, labour supply, production and costs of the firm, alternative market structures and factor markets. It explores the application of these concepts to public policy, making use of real-world examples to illustrate the usefulness of the theory.

Module learning outcomes

  • Have demonstrated a critical understanding of the principles of economics
  • Be able to use the power of abstraction to focus upon the essential features of an economic problem and to provide a framework for the critical understanding and evaluation of the effects of policy or other exogenous events.
  • Be able to analyse an economic problem or issue using an appropriate theoretical framework, and recognise its limitations.
  • Have learned to understand the importance of, and be able to construct and develop, rigorous argument to help evaluate ideas.