Principles of MicroeconomicsModule Details

Rationale 

The Principles of Microeconomics course provides students with a foundational understanding of microeconomics, essential for developing an economic mindset and mastering graphical analysis. Students explore key concepts such as the laws of demand and supply, theory of the firm, and various market structures.

The aim of this course is to equip students with a fundamental grasp of microeconomics and its relevance to business management so that students enhance their analytical abilities crucial for business decision-making.

Learning Outcomes

At the end of the course students will be expected to:
(i)    Apply graphical analysis to economic issues such as consumer and firm behaviour and market participants' competition.
(ii)   Evaluate the distribution of products and services and the allocation of scarce resources, incorporating the determination of equilibrium price through supply and demand interaction.
(iii)  Explain demand and supply analysis relevant to the business environment, utilising market examples to simulate realistic business experiences.
(iv)  Understand basic microeconomics theories, including assessing individual and firm behaviour in both short- and long-run scenarios.