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School of Social Sciences

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BAEcon Economics
Learn how the social sciences can help you to understand today's world.

BAEcon Economics / Course details

Year of entry: 2018

Course unit details:
Microeconomics 1

Unit code ECON10331
Credit rating 10
Unit level Level 1
Teaching period(s) Semester 1
Offered by School of Social Sciences
Available as a free choice unit? Yes

Overview

See course Blackboard pages.

Pre/co-requisites

This course unit is for BA Econ students only (any student not studying on the BA Econ but who wants to take this course unit must take ECON10221 instead).

NOT available to students who have previously taken ECON10041/42 or ECON10081/82.

Aims

It is the aim of this course unit to introduce students to applying economic thinking and analysis to relevant contemporary economic issues. To do so it will introduce students to microeconomic concepts and tools.

The unit will also prepare students for the further study of economics at an intermediate level.

Learning outcomes

Knowledge and Understanding:  

Make appropriate use of core microeconomic concepts such as opportunity cost; elasticities; and marginal/average relationships, causality, theoretical insights and empirical evidence in analysing economic behaviour.

Understand the core organisational principles of modern economies.

Develop a basic understanding of how economists model the behaviour of individual consumers and firms

Understand the power and limits of markets, the role of public policy in shaping these markets and  the possibility of market failure

 

Intellectual skills:

Students will develop skills in applying basic economic analysis in a variety of contexts.

Students will develop expertise in evaluating the experience of a diverse range of economies taking into account the historical context.

 

Practical skills:

Students will develop their ability to read economic literature; process and evaluate different sources of information;

Students will demonstrate that they can communicate (verbally and in writing) basic economic concepts and ideas to a non-expert audience.

Students will demonstrate that they can use library and other online resources under guidance and will begin to develop independent research skills  

 

Transferable skills and personal qualities:   

Students will develop presentation and interpersonal skills through participation in tutorial sessions.

Syllabus

Capitalist Revolution:

  • The need for economic analysis.
  • Different varieties of capitalism.
  • Measuring our well-being.
  • GDP and alternative.
  • Technology.
  • Productivity and growth.
     

Key Economic Concepts:

  • Scarcity.
  • Opportunity cost.
  • Efficiency.
  • Conditional vs. unconditional.
  • Marginal vs. average.
  • Causality.
  • Distributions.
  • Surplus.
  • Rent.
  • Optimization.
  • Elasticity.
  • Empirics and theory.
  • The use of models.
  • Pprices as sources of information.
  • Normative vs. positive.

 

Choice Theory:

  • Introduction to the modelling of individual decisions (including the classic paradigm of rational agents and deviations from this paradigm).

 

Understanding Firm Behaviour:

  • Firms and workers.
  • Wage setting.
  • Productivity and wages.
  • Principal-agent problems and efficiency wages.
  • Monopsony model of labor markets.
  • Minimum wage - theory and Evidence.
  • Polarization.

 

Firms and Their Customers:

  • Revenue, costs and profits.
  • Technologies and productivity.
  • Production functions.

 

Understanding Markets:

  • Market failure due to market power. 

Teaching and learning methods

The material is delivered via the online (Blackboard) provision of material (readings, clips) and Lectures.

The learning process of students is supported by tutorials (exercise questions and discussion based questions) and the provision of further online material (such as discussion boards and practice quizzes).

Employability skills

Analytical skills
Problem solving

Assessment methods

  • Mid-Term Test, multiple choice questions (20%).
  • End of Term Test, multiple choice questions (20%).
  • Essay (60%).

For information about feedback please follow this link:
http://www.campus.manchester.ac.uk/tlso/map/teachinglearningassessment/assessment/sectionb-thepracticeofassessment/policyonfeedbacktostudents/.

Feedback methods

  • Tutorial feedback.
  • Office hours.
  • Discussion board.

Recommended reading

The Core Project, 2016, The Economy (http://www.core-econ.org/ebook/).

Study hours

Scheduled activity hours
Assessment written exam 1.5
Lectures 16
Tutorials 5
Independent study hours
Independent study 77.5

Teaching staff

Staff member Role
Daniel Rigby Unit coordinator

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