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Last modified: 21 May 2026 13:16
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.
| Study Type | Undergraduate | Level | 1 |
|---|---|---|---|
| Term | First Term | Credit Points | 15 credits (7.5 ECTS credits) |
| Campus | Offshore | Sustained Study | No |
| Co-ordinators |
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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.
In capitalist systems markets are an important way in which economic activities are coordinated. This often works through buyers adjusting how much they want in relation to established prices, and producers deciding how much it is profitable for them to supply. Circumstances may change, allowing people to adjust such decisions. If such coordination is effective, markets are said to be in, or approaching, equilibrium. Markets though are not always effective in coordinating the plans of people. In cases of market failure, governments often become involved in regulating economic activities, or arranging for the production of goods and services, such as in the cases of health care, education, transport infrastructure, and television and radio broadcasting.
This course investigates reasons why coordination in markets can fail, and introduce ideas about what can be done through governments and other bodies to undertake coordination through other means.
The principles and concepts that are introduced will be of a general nature and are applicable to a large number of cases. We will discuss ideas about how consumers behave in typical situations, or how firms behave in typical situations. We will present concepts and principles mainly through discussion, supplemented by diagrams, and in a few cases through basic mathematical expressions.
Information on contact teaching time is available from the course guide.
| Assessment Type | Summative | Weighting | 70 | |
|---|---|---|---|---|
| Assessment Weeks | Feedback Weeks | |||
| Feedback | ||||
| Knowledge Level | Thinking Skill | Outcome |
|---|---|---|
| Conceptual | Analyse | Develop Transferable Skills in time management, note taking and synthesising information and argument-formulation |
| Conceptual | Apply | Apply Analytical Skills and Techniques of Microeconomics |
| Factual | Understand | Understand Microeconomic Concepts and Principles |
| Assessment Type | Summative | Weighting | 30 | |
|---|---|---|---|---|
| Assessment Weeks | Feedback Weeks | |||
| Feedback |
45min MCQs. 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. |
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| Knowledge Level | Thinking Skill | Outcome |
|---|---|---|
| Conceptual | Apply | Apply Analytical Skills and Techniques of Microeconomics |
| Factual | Understand | Understand Microeconomic Concepts and Principles |
There are no assessments for this course.
| Assessment Type | Summative | Weighting | 100 | |
|---|---|---|---|---|
| Assessment Weeks | Feedback Weeks | |||
| Feedback | ||||
| Knowledge Level | Thinking Skill | Outcome |
|---|---|---|
|
|
||
| Knowledge Level | Thinking Skill | Outcome |
|---|---|---|
| Factual | Understand | Understand Microeconomic Concepts and Principles |
| Conceptual | Apply | Apply Analytical Skills and Techniques of Microeconomics |
| Conceptual | Analyse | Develop Transferable Skills in time management, note taking and synthesising information and argument-formulation |
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