FP044-15 Microeconomics
Introductory description
FP044-15 Microeconomics
Module aims
The aim of the module is to apply simple economic concepts and theories to gain insights into a range of issues that affect businesses, people and government. The module aims to show students the usefulness of economics as a way of understanding the world in a predominantly non-mathematical way.
The module will help students to understand better the behaviour of organisations and individuals, the choices they make and the implications of these choices. More generally, it will show how economics can provide an analytical framework for understanding real-world issues and problems.
Outline syllabus
This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.
The module will cover
- The Free Market Mechanism.
- Utility theory, Market Demand, Supply and equilibrium.
- Market failure
- Government intervention
- Government failure.
- Elasticities
- Elasticities of demand – Price, Income and Cross Price
- Price elasticity of supply.
- The impact of elasticities on the effectiveness of government interventions into the Free market.
- Producer Theory.
- Costs – short run and long run
- Revenues
- Profit maximisation.
- Market structures.
- Perfect Competition and efficiencies
- Monopoly
- Oligopoly
Note that Demand and supply is covered within Global Economy but would need review before considering Free market failure and the role of government as Microeconomics is a Term 2 module.
Learning outcomes
By the end of the module, students should be able to:
- Identify relevant microeconomic principles and techniques to explain decision-making options facing economic agents and the outcomes of those choices.
- Apply micro-economic tools to analyse decisions made by consumers, firms and government.
- Communicate economic arguments and ideas effectively to help understand real-world problems.
Indicative reading list
Gillespie, A., 2019, Foundations of Economics 5th edition, New York, OUP.
Sloman, J., & Garratt, D., 2019, Essentials of Economics, 8th edition, Harlow, Pearson.
View reading list on Talis Aspire
Interdisciplinary
Links to the opening topic of micro-economics concepts in Global Economy.
PED links to Pricing strategy in Marketing.
Strong overlap with Economics with sharing of resources.
International
Examples to support answers can be global in nature. E.g. using examples of multinational firms or examples of market failure/government failure from specific countries.
Generic examples of firms/consumers can be used so that they are not specifically linked to one country.
Names in questions can be internationalised.
Subject specific skills
Define and explain micro-economic terminology. Analysis of diagrams and data of micro-economic concepts, such as short run costs and revenues, demand, supply, elasticity.
Evaluate the effectiveness of government interventions into free markets.
Transferable skills
Interpretation of diagrams and data.
Analytical skills.
Critical evaluation.
Study time
| Type | Required |
|---|---|
| Lectures | 12 sessions of 1 hour (8%) |
| Seminars | 36 sessions of 1 hour (24%) |
| Online learning (scheduled sessions) | (0%) |
| Online learning (independent) | (0%) |
| Private study | 72 hours (48%) |
| Assessment | 30 hours (20%) |
| Total | 150 hours |
Private study description
Reading Summaries in preparation for lecture and seminars.
Revision for final summative assessment.
Appointments with lecturing staff.
Preparation for coursework.
Costs
No further costs have been identified for this module.
You must pass all assessment components to pass the module.
Assessment group A4
| Weighting | Study time | |
|---|---|---|
| Assessment 1 | 50% | 15 hours |
|
A theoretical essay. |
||
| Assessment 2 | 50% | 15 hours |
|
Unseen paper |
||
Feedback on assessment
Tabula feedback.
Students have the opportunity to see written corrections on the papers.
Students can book 1-2-1 appointments to discuss feedback.
Courses
This module is Core for:
- Year 1 of FIOE Warwick International Foundation Programme