Run by Bangor Business School
20.000 Credits or 10.000 ECTS Credits
Organiser: Prof John Ashton
Overall aims and purpose
To develop students' understanding of the core components of microeconomics, building upon the material introduced in first year Introduction to Economics. To provide a basis on which to study theoretical and applied microeconomics in third year modules. In particular, the module will extend students’ analytical skills in relation to consumer and producer theories, and introduce students to general equilibrium analysis and game theory.
The content includes Demand and supply microfoundations, Rational choice, Individual and market demand, the cost of production and profit maximisation, Market structures, Game Theory, Public Goods and Externalities.
B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.
D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.
A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.
C- to C+
C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.
Appraise the role of the government and regulation in markets.
Evalute the model of rational choice model.
Demonstrate a thorough understanding of demand and supply microeconomic foundations.
Develop "economic reasoning" skill
|Online Test 1||15.00|
|Online Test 2||15.00|
|Final Examination S1||70.00|
Teaching and Learning Strategy
Private Study to review module material from lectures, further reading from textbooks and the internet, plus practice numerical questions
4 hours of lectures in Week 1. 3 hours of lectures per week for rest of Semester 1. Theoretical explanations during the lectures. Use of slides and other on-line materials.
Tutorial covering exercises related to topics of the week
- Numeracy - Proficiency in using numbers at appropriate levels of accuracy
- Exploring - Able to investigate, research and consider alternatives
- Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others
- Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
- Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting
Subject specific skills
- Abstraction. From the study of economic principles and models, students see how one can abstract the essential features of complex systems and provide a useable framework for evaluation and assessment of the effects of policy or other exogenous events. Through this, the typical student will acquire proficiency in how to simplify while still retaining relevance. This is an approach that they can then apply in other contexts, thereby becoming more effective problem-solvers and decision-makers.
- Analysis, deduction and induction. Economic reasoning is highly deductive, and logical analysis is applied to assumption-based models. However, inductive reasoning is also important. The development of such analytical skills enhances students' problem-solving and decision-making ability.
- Quantification and design. Data, and their effective organisation, presentation and analysis, are important in economics. The typical student will have some familiarity with the principal sources of economic information and data relevant to industry, commerce, society and government, and have had practice in organising it and presenting it informatively. This skill is important at all stages in the decision-making process.
- Framing. Through the study of economics, a student should learn how to decide what should be taken as given or fixed for the purposes of setting up and solving a problem, i.e. what the important 'parameters' are in constraining the solution to the problem. Learning to think about how and why these parameters might change encourages a student to place the economic problem in its broader social and political context. This 'framing' skill is important in determining the decision-maker's ability to implement the solutions to problems.