Last modified: 31 Jul 2023 11:30
This course is an introductory course in microeconomics where we study the decision making of individual actors (consumers, employees, firms, governments, etc.) in an economy. Actors must make decisions about behaviours because they face scarce resources, but often they find that trading with other actors in markets can increase the wellbeing of all parties. This course models and examines the nature of these interactions, highlighting when they work well and when they fail to increase wellbeing and what might be the solution to these failures.
|Session||First Sub Session||Credit Points||15 credits (7.5 ECTS credits)|
This course studies aspects of the behaviour and actions of people such as consumers, employees, and company managers, and the behaviour and activities of organisations such as firms, governments, and regulatory authorities, usually within capitalist societies. An important part of these behaviours and activities involves coming to terms with scarce resources. People want many things, but cannot afford them all, and do not have the time to enjoy them all, so must prioritise. Companies want to produce many things, but usually focus on a fairly small range of products. Prices may be high, or increasing, meaning profits for some producers, and prices that are too expensive for some consumers. In other cases, prices may be low and falling, being too low to cover the costs of some companies.
Information on contact teaching time is available from the course guide.
|Assessment Weeks||Feedback Weeks|
A written feedback sheet is used and this explains why students received a particular mark, outlines the strengths and weaknesses of the essay, and makes suggestions as to how the student might improve future coursework submissions.
On a less formal basis, via verbal feedback during tutorial discussions, and after tutorial presentations.
There are no assessments for this course.
|Knowledge Level||Thinking Skill||Outcome|
|Factual||Remember||ILO’s for this course are available in the course guide.|