COURSE SPECIFICATION
NAME OF COURSE: Microeconomics
COURSE CODE: EC560
STATUS
LEVEL: (F,A,P,1,2,3,M)
UNIT VALUE:
TERMS TAUGHT:
Mandatory
M
8 ECTS
1
Department offering course:
Course Co-ordinator:
Date of course commencement:
Economics
TBD
TBD
Degree Programmes in which to be offered: M. Sc. In Economics
Pre-requisites:
Indicate whether a new
Total Contact Hours: 60
course or name of course
Lecture Hours: minimum 45
None
being replaced:
Tutorial Hours: minimum 15
Consulting Hours: Open as needed
New Major Course
AIMS OF THE COURSE:
The aims of this course are to: (i) provide a self-contained introduction to microeconomics for economics majors; (ii) to cover the preparatory material for more
specialist courses in economics .
INTENDED LEARNING OUTCOMES
1. understand basic microeconomics
terms and concepts, including
scarcity and choice, efficiency and
equity
2. understand the fundamental
economic question of allocating
scarce resources
3. comprehend the concepts of
opportunity cost and the production
possibility frontier
4. comprehend supply and demand
and how markets work and
sometimes don’t work, for example
market failure and externalities
5. comprehend the effects of
government intervention in markets
6. comprehend elasticity and its
application
7. comprehend how consumers make
choices
8. comprehend how the markets for
resources operate and the
determination of wage rates,
interest, and rent
9. understand the determination of
income distribution
10. comprehend production theory
11. comprehend the costs of production
12. comprehend firm behaviour in
competitive markets
13. comprehend firm behaviour in
monopoly markets
14. comprehend firm behaviour in
imperfectly competitive markets
15. comprehend the determinants of
international trade flows and
comparative advantage
LEARNING AND TEACHING STRATEGIES TO BE
USED:
This is an introductory course and will presume
limited exposure to economics and math. It will
primarily use a text book.
1. Teaching will be predominantly lectures,
with ample time for discussion.
ILO 1-16
2. The tutorials will be more interactive.
ILO 1-16
ASSESSMENT CRITERIA (SHOULD LINK
EXPLICITLY TO INTENDED LEARNING
OUTCOMES):
The midterm exams are to make sure that
students are keeping up with the reading and to
help them focus their learning
1. 2 midterms
ILO 1-16
20-25% each
The final will be cumulative.
2. 1 final exam 45%
ILO 1-16
3. Class participation in discussions is
important to keep students up on their
reading and to make sure they are
processing the material.
4. participation 10%
ILO 1-16
16. apply economic reasoning to better
understand and critically evaluate
real world circumstances and
events, for example poverty
TRANSFERABLE SKILLS AND OTHER
ATTRIBUTES
LEARNING AND TEACHING STRATEGIES
USED:
1. Ability to understand the basics of
how firms and individuals make
decisions
2. Ability to understand the economic
press
3. Ability to apply basic economic
skills and reasoning to everyday
work and life situations
1.Teaching will be predominantly lectures,
with ample use of examples
2. The tutorials and exercises will emphasize
practical use of skills
ASSESSMENT CRITERIA (SHOULD LINK
EXPLICITLY TO INTENDED LEARNING
OUTCOMES):
5. 2 midterms 20-25% each
ILO 1-16
The final will be cumulative.
6. 1 final exam 45%
ILO 1-16
7. Class participation in discussions is
important to keep students up on their
reading and to make sure they are
processing the material.
8. participation 10%
ILO 1-16
COURSE OUTLINE/SYLLABUS:
COURSE OUTLINE:
PART I. PRELIMINARIES.
1. What Is Economics?
2. Scarcity, Choice, and Economic Systems.
3. Supply and Demand.
4. Working with Supply and Demand.
PART II. MICROECONOMIC DECISION MAKERS.
5. Consumer Choice.
6. Production and Cost.
7. How Firms Make Decisions: Profit Maximization.
PART III. PRODUCT MARKETS.
8. Perfect Competition.
9. Monopoly.
10. Monopolistic Competition and Oligopoly.
PART IV. LABOR, CAPITAL, AND FINANCIAL MARKETS.
11. The Labour Market.
12. Economic Inequality.
13. Capital and Financial Markets.
PART V. EFFICIENCY, GOVERNMENT, AND THE GLOBAL ECONOMY.
14. Economic Efficiency and the Role of Government.
15. Comparative Advantage and the Gains from International Trade.
TEXTBOOKS:
Microeconomics Principles and Applications, South-Western Educational Publishing (2000)