Module Purpose
This module provides you with foundational knowledge of the nature and scope of
microeconomics, the principles and theories of microeconomics and the different
market mechanisms that affect market demand and supply.
Module Outcomes
On successful completion of this module, the student should be able to:
MO 1
Demonstrate a comprehensive knowledge and understanding of basic economic
concepts, theories and models within the micro-economics environment.
MO 2
Demonstrate knowledge and understanding of the main economic performance
indicators within the micro-economics environment.
MO 3
Demonstrate knowledge and understanding of various economic policies within the
micro-economics environment.
MO 4
Make calculations based on a variety of situations relating to micro-economics.
MO 5
Apply economic principles to a variety of situations relating to micro-economics.
Module Pacer
Total Credits: 10
Total Contact Sessions: 40
Learning Unit 1 Theme: What Economics is all about
Outcomes
covered:
All
Learning Objectives:
scarcity, choice, opportunity cost;
lities curve or frontier;
Sessions:
1-3
Assessed in:
Assignment;
Test and
Final
Examination
macroeconomics;
economics.
Learning Unit 2 Theme: A Closer Look: At The Economic Problem
Outcomes
covered:
All
Learning Objectives:
production;
Sessions:
4-5
Assessed in:
Assignment;
Test and
Final
Examination
ain characteristics of traditional,
command, market and mixed economic systems.
1 out of 4 ICE Tasks completed by this point
Learning Unit 3 Theme: The Interdependence Between The Major
Sectors, Markets And The Flows In The Mixed
Economy
Outcomes
Learning Objectives:
covered:
All
n the
economy;
Sessions:
6-7
Assessed in:
Assignment;
Test and
Final
Examination
they are interrelated (production, income and
expenditure).
Learning Unit 4 Theme: Demand, Supply And Price
Outcomes
covered:
All
Learning Objectives:
numbers, graphs and equations;
demanded;
along the
demand curve and a shift of the demand curve;
curve and a shift of the supply curve;
how the equilibrium price and quantity are
determined.
Sessions:
8 - 12
Assessed in:
Assignment;
Test and
Final
Examination
2 out of 4 ICE Tasks completed by this point
Learning Unit 5 Theme: Demand And Supply In Action
Outcomes
covered:
Sessions:
13 - 16
Assessed in:
Assignment;
Test and
Final
Examination
Learning Objectives:
equilibrium price and quantity in the market;
equilibrium price and quantity in the market;
n
the markets.
Learning Unit 6 Theme: Elasticity
Outcomes
covered:
All
Sessions:
17 - 20
Assessed in:
Assignment;
Test and
Final
Examination
Learning Objectives:
elasticity of demand;
elasticity of demand;
demand;
demand;
elasticity of supply.
3 out of 4 ICE Tasks completed by this point
Learning Unit 7 Theme: The Theory of Consumer Choice
Outcomes
covered:
All
Learning Objectives:
utility;
Sessions:
21 - 25
Assessed in:
Assignment;
and Final
Examination
marginal values;
utility to derive consumer
equilibrium
line;
indifference approach;
substitution effects of a price change on the
consumer equilibrium of a change in income and a
change in price
Learning Unit 8 Theme: The theory of production and cost
Sessions:
26 - 30
Outcomes
covered:
All
Learning Objectives:
fine and calculate the various revenue, cost and
profit concepts;
Assessed in:
Only in Final
Examination
product of a variable input;
diminishing returns and the shapes of the total,
average and marginal product curves in the short run;
cost;
curves and the cost curves in the short run;
oduction and cost in the
long run.
4 out of 4 ICE Tasks completed by this point
Learning Unit 9 Theme: Market structures: Perfect Competition
Outcomes
covered:
All
Learning Objectives:
to exist;
Sessions:
31 - 34
Assessed in:
Only in Final
Examination
under perfect competition;
-run equilibrium position for the
perfectly competitive firm;
making an economic profit, a
normal profit or an economic loss;
industry under perfect competition.
Learning Unit
10
Outcomes
covered:
All
Theme: Monopoly and Imperfect competition
Learning Objectives:
forms of imperfect competition with perfect
competition;
m position of a
monopolistically competitive firm;
competition;
icy.
Sessions:
35 - 40
Assessed in:
Only in Final
Examination