Module BIC-0018:
Microeconomics

Module Facts

Run by Marketing: Bangor International College

10 Credits or 5 ECTS Credits

Semester 1 & 2

Organiser: Mrs Laura McKenzie

Overall aims and purpose

The aims of the module are to provide students with a basic introduction to the study of Microeconomics.by introducing them to relevant economic theories, concepts and terminology and by explaining the importance of key topics such as demand and supply, the economic problem and the allocation of scarce resources. The module further considers different economic models and the importance of and bases for economic decision-making, the reasons for and consequences of government intervention and the theories and ideas around elasticity, specialisation, productivity, economies of scale, public goods, merit and demerit goods and monopoly

Course content

This module provides the appropriate foundation in economic theory and its impact on individuals and businesses to enable students to be successful in business-related undergraduate studies.

The main topics covered are demand and supply, the operation of the price mechanism, the causes of market failure, underuse and full use of economic resources, scarcity and choice and allocation. Students also consider different economic models and the bases for economic decision-making.

The module also covers elasticity of demand and supply, specialisation, division of labour and exchange, productivity, economies and diseconomies of scale, reasons for market failure; excess of demand or supply, equilibrium and disequilibrium, interrelationship between markets, misallocation of resources, public and private goods, merit and demerit goods and monopoly.

Students further consider the reasons for government intervention; its nature and impact.

Assessment Criteria

good

Student has worked effectively in most aspects of the module and has a sound grasp of the material and issues studied. The level of attainment achieved suggests the student with have little problem in mastering content of an undergraduate degree programme in business or the social sciences.

threshold

Student has attained a satisfactory grasp of the material and issues studied and achieved at a sufficient level to indicate ability to cope with content of an undergraduate degree programme in business or the social sciences

excellent

Student has produced a consistently high level of work in all aspects of the module and has an outstanding grasp of the material and issues studied. The level of attainment achieved suggests the student will have no problem in mastering the content of an undergraduate degree programme in business or the social sciences.

Learning outcomes

  1. Explain why and how governments intervene in the economic process and the range of impacts that this can have on the national economy

  2. Explain the factors that determine the successful operation of a market economy and explain the reasons for market failure

  3. Demonstrate an understanding of key economic theories, concepts and terminology studied

  4. Describe and explain the rationale behind different economic models and show how these influence economic decision-making

Assessment Methods

Type Name Description Weight
COURSEWORK Coursework essay

A coursework essay on a topic related to the elements in this module studied up to the midterm point. Specific and task relevant assessment criteria

40
EXAM Final exam

An unseen examination with a mix of short answer questions on economic concepts and terms, and longer answers on questions about market failure and the reasons for and effect of government intervention on the economy.

60

Teaching and Learning Strategy

Hours
Seminar

50 hours of seminar style classes – 5 hours a week through a 10-week term

50
Private study

reading time, preparing and taking assessments

50

Transferable skills

  • Literacy - Proficiency in reading and writing through a variety of media
  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Computer Literacy - Proficiency in using a varied range of computer software
  • Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
  • Exploring - Able to investigate, research and consider alternatives
  • Information retrieval - Able to access different and multiple sources of information
  • 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.
  • Presentation - Able to clearly present information and explanations to an audience. Through the written or oral mode of communication accurately and concisely.
  • Teamwork - Able to constructively cooperate with others on a common task, and/or be part of a day-to-day working team
  • 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

  • Demonstrate numeracy skills required as a basis for further studies in Economics, Financial Accounting and Management
  1. Critical thinking
  2. Evaluation of material from a wide range of sources
  3. Written communication
  4. Basic appreciation of economic theory and practice

Resources

Reading list

Smith, P. (2019) Economics A (4th Ed.) Pearson The Economist Financial Times Websites www.bized.co.uk www.bloomberg.com

Courses including this module

Compulsory in courses: