Module Directory

This module studies some of the fundamental concepts and methods in economics.

In the first term, the basic theories of consumer and producer behaviour are studied in the context of competitive markets. Then, by combining these two theories, various properties of such markets are investigated together with their welfare properties. In the second term, the focus is on the study of how various imperfections, or frictions, affect the outcomes of decentralised markets.

The aim of this module is:

• To equip students with the basic tools and methods of analysis used in economic reasoning.

By the end of this module, students will be expected to be able to:

1. Understand the basic model-building methodology of microeconomics and should have conducted some original model-building of simple microeconomic problems.


2. Conceptualise simple microeconomic issues and understand the analytical reasoning underlying microeconomic analysis.


3. Understand the topics covered on several different levels: mathematical as well as graphical and heuristic or verbal.


4. Have a critical appreciation of the approach taken to economic issues and policies.


5. Express their analyses and appraisals in written form.

Skills for your Professional Life (Transferable Skills)

By the end of this module, students will also be expected to have developed the following employability skills:

• Academic skills (literacy, numeracy, ICT skills) are enhanced through essay writing, mathematical problem solving and the use of ICT equipment.


• Students are encouraged to carry out research and information gathering as background reading.


• Communication skills are enhanced through various forms of assessment and class participation.


• Personal development planning (target setting and time management) is also promoted.

The module will be delivered via:

• 2 hours of lectures per week.
• One hour class per week.

Feedback for this module will occur through class meetings where we will go over the answers to problem sets and where you will be able to ask questions about your own method of solution; answers that will be posted on the website for the module that will give you written guidance on the appropriate method to approach the problems, assignments, and tests; and office hours where any additional questions can be addressed. You should be sure that you use these methods to understand how to improve your own performance. For modules including a term paper, the term paper will be returned with individualised feedback that addresses what the marking criteria are and how you could improve your own work.