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Curricular information is subject to change
On completion of this module, students will be able to:
1. understand how economics views the concepts of scarcity and choice and how consumers make decisions regarding consumption, work and lesiure
2. understand the role of markets in co-ordinating decisions of buyers and sellers
3. understand the different factors affecting markets and the usefulness of concepts such as elasticity
4. understand the concept of efficiency and how economic surplus is divided between agents
5. gain a knowledge of concepts vital to firm decision making such as production, costs, revenues and profits.
6. describe profit maximization and price/ouput decisions under conditions of perfect and imperfect competition
7. understand interactions in the form of altruism and trust between agents such as consumers and firms
8. understand how and when markets can fail and how government intervention may correct such failures.
The module assumes no prior knowledge of economics and so initially some introductory material is provided. The module then discusses how economics models the decisions made by consumers in areas such as work/leisure and consumption. Concepts such as supply, demand, markets and elasticity are introduced at this stage. The module then models decisions made by firms in areas such as technology, costs , output and pricing. The module then discusses market structure covering the spectrum from perfect competition, to monopolistic competition to oligopoly and monopoly. The final two parts of the course examines (a) strategic interactions between consumers and firms not always covered in traditional models of economics and (b) how markets can fail and how interventions, sometimes but not always by governments, can attempt to correct for these failures. The Covid-19 pandemic will not be explicitly modelled but account will be taken of how such events may impact upon decisions of consumers and producers. It becomes particularly relevant in the final section of the course when examining social interactions, externalities and market failure.
|Student Effort Type||Hours|
|Autonomous Student Learning||
Not applicable to this module.
|Description||Timing||Component Scale||% of Final Grade|
|Multiple Choice Questionnaire: Assessment will be based on MCQ exams to be held online throughout the term.||Throughout the Trimester||n/a||Alternative linear conversion grade scale 40%||No||
|Resit In||Terminal Exam|
• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment
On request, individual feedback will be provided to students. The class will also be updated with their progress in the MCQs which will be held through the term.
|Mr Gavin Cassells||Tutor|
|Lecture||Offering 1||Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33||Thurs 09:00 - 10:50|
|Lecture||Offering 1||Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33||Tues 09:00 - 09:50|
|Lecture||Offering 2||Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 31, 32, 33||Fri 11:00 - 11:50|
|Lecture||Offering 2||Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33||Thurs 16:00 - 16:50|
|Lecture||Offering 2||Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33||Tues 15:00 - 15:50|