IB9AZ-15 Fundamentals of Economic Behaviour
Introductory description
The module aims to introduce fundamental economic concepts to non-economists.
Module aims
The module aims to introduce fundamental economic concepts to non-economists. It will familiarise students with conventional assumptions about the behaviour of individuals and firms, their interactions in markets and the role of government with respect to market failures of various kinds. It will alert students to some basic questions and doubts about the conventional assumptions, issues which will be developed more fully in the optional Behavioural Economics module.
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 course will contain coverage of some or all of the following topics:
Foundations of individual economic behaviour - indifference curve analysis and the individual's demand for goods and supply of labour.
Extensions to decision under risk and uncertainty - conventional Subjective Expected Utility Theory: some applications and some concerns about the standard assumptions.
Extensions to intertemporal choice.
Foundations of the supply side - costs of production and the objectives of firms.
Demand and supply under perfect competition, monopoly, monopolistic competition and oligopoly.
Strategic interactions between firms. Introduction to game theory and some economic
applications; some concerns about the standard assumptions.
Market failure and the role of government: externalities, public goods, the public provision of goods and services and other interventions in markets.
Learning outcomes
By the end of the module, students should be able to:
- Demonstrate a comprehensive understanding of fundamental economic principles and methods of economic analysis.
- Show an awareness of the questions that have been raised about the behavioural validity of some of the assumptions underpinning conventional economic analysis.
- Critically explain market failure and the role of state intervention in the reduction of negative externalities caused by firm behaviour.
Indicative reading list
Students will be encouraged to look at more than one introductory text. The main textbooks are:
Perloff, J. M. (2018). Microeconomics, global Edition, Pearson; e-book.
Additional: Besanko, D. and R. R. Braeutigam, (2014). Microeconomics, 5th Edition, Wiley.
The following provide interesting supplementary material:
Thaler, R. and Sunstein, C.: Nudge. Penguin (2009).
Subject specific skills
Use game theory to predict the responses of firms to changes in their competitive
environment.
Transferable skills
Demonstrate written communication skills
Demonstrate developed problem solving skills
Study time
| Type | Required |
|---|---|
| Lectures | 9 sessions of 2 hours (12%) |
| Practical classes | 9 sessions of 1 hour (6%) |
| Private study | 49 hours (33%) |
| Assessment | 74 hours (49%) |
| Total | 150 hours |
Private study description
Self-study is preparation and pre-reading for lectures and workshops
Costs
No further costs have been identified for this module.
You do not need to pass all assessment components to pass the module.
Assessment group B5
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
Assessment component |
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| In-person Examination | 100% | 74 hours | No |
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Reassessment component is the same |
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Feedback on assessment
Assessments are graded (%) using standard University Postgraduate Marking Criteria. Overall percentage marks are awarded for examination performance and general examination feedback is provided to the cohort.
Post-requisite modules
If you pass this module, you can take:
- IB9BD-15 Behavioural Economics
Courses
This module is Core for:
- Year 1 of TIBS-N120 Postgraduate International Business
- Year 1 of TIBS-N1C2 Postgraduate Taught Business (Accounting & Finance)
- Year 1 of TIBS-N1B0 Postgraduate Taught Business (Marketing)