Principles of MicroeconomicsModule Details

Rationale 

Microeconomics is vital in enabling the student to develop an economic way of thinking and familiarise them with graphical analysis. Important concepts, such as demand and supply and decision-making process regarding the optimal level of output are introduced while the student learns to identify and distinguish among different market structures.

Learning Outcomes

At the end of the course students will be expected to:

(i)    Apply graphical analysis on economic issues.
(ii)   Identify how equilibrium price is determined in a free market through the interaction of supply and demand.
(iii)  Explain the concepts of demand and supply analysis relevant to the business environment.
(iv)  Analyse market examples and applications to simulate realistic business experience.
(v)   Analyse the dynamics of income distribution and resource allocation.
(vi)  Explain the importance of the regulatory role of the government.