EC1010 - Foundations in Microeconomics

Microeconomics is the branch of economics that relates to individual decision making, such as the choices that individuals and businesses have to make after taking into account costs, resources, scarcity and opportunity cost. In addition, it introduces students to how governments work to control markets. Business decision making in different types of market structures will be explored in the subject. Central themes include how and why markets work to allocate resources, why they may fail to work. Students will learn to apply economic theories to real world examples and problems. The subject provides a good foundation for students proceeding to higher level study of economics and its specialties

Learning Outcomes

• illustrate an understanding of the basic principles and concepts of microeconomics;
• examine the various microeconomic models and their application in analysing choices of households and firms;
• understand, describe and analyse how government policy influences business decisions and outcomes;
• compare and contrast different market structures;
• evaluate, analyse and apply principles and theories to explain the decision making of firms in different market structures;
• explain, interpret and analyse current economic issues.

Subject Assessment

• Written > Examination (centrally administered) - (40%) - Individual
• Written > Test/Quiz 1 - (30%) - Individual
• Written > Case study analysis - (30%) - Individual.

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.