|
 Academic Year:
| 2013/4 |
| Owning Department/School:
| School of Management (administered by the Learning Partnerships Office) |
| Credits:
| 12 |
| Level:
| Foundation (FHEQ level 3) |
| Period: |
Semester 1 at Chichester College Semester 1 at City of Bath College Semester 1 at Wiltshire College |
| Assessment:
| CW 30%, EX 70% |
| Supplementary Assessment: |
Like-for-like reassessment (where allowed by programme regulations) |
| Requisites:
| |
| Description:
| Aims: This unit aims to ensure that students have a foundation of underpinning knowledge and skills in microeconomics. The unit will draw upon core aspects of the A Level syllabus and will achieve an equivalent depth and standard in these aspects. The unit will seek to ensure students develop and enhance other core competencies like, research skills, problem solving skills and effective communication skills/ICT. Learning Outcomes: On successful completion of the unit, students should be able to: * Explain theoretical concepts relating to the economic problem, scarcity and choice, opportunity cost and economic systems. * Analyse the advantages and disadvantages of the free market system to allocate resources. * Conduct elasticity calculations and interpret results. * Apply theories of market structures to case study industries. * Identify the failure of the free market system and evaluate government policy to correct these market failures. * Explain wage determination and employment in the labour market and derive the profit maximising level of employment for firms in perfect and imperfect labour markets * Explain the role of trade unions, identify labour market failure and evaluate government policy to correct this market failure. Skills: Economic problem solving (assessed through assessments) and key transferable skills. Content: Economics of Consumer Demand * Utility and choice * Opportunity Cost * PPC curves Market Mechanisms * Derivation of demand curve (market and individuals) * Shifts and movements along the demand curve * Derivation of supply curve * Price elasticity of supply * Equilibrium of the market to derive price and quality levels. Elasticity * Price elasticity of Demand * Income elasticity of demand * Cross price elasticity of demand * Price elasticity of Supply Revenues and Costs * Total, average and marginal revenue * Total, average and marginal costs * Short term costs, law of diminishing marginal returns * Long run average cost and economics of scale * The role of costs and revenues in determining a firm's profit maximising output level. Market Structure * Be able to derive equilibrium price and quantity for industries that are perfectly competitive, monopoly, monopolistically competitive and oligopoly. * Comparison of market structures and consideration of public interest. Market failure * Deadweight welfare loss of Monopoly * Merit, demerit and public goods * Externalities * Government policy to correct market failure. Factor Markets * Labour demand and labour supply * Perfect and Imperfect labour markets * Role of trade unions * Labour market failure and government policy. |
| Programme availability: |
LP00033 is Optional on the following programmes:Programmes administered by the Learning Partnerships Office
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