Teaching Responsibility
LJMU Schools involved in Delivery:
Liverpool Business School
Learning Methods
Lecture
Seminar
Tutorial
Module Offerings
3701ORYXHR-JAN-PAR
Aims
To gain an introduction to the concepts of micro-economics. Students will develop an understanding of economic principles and basic terminology, goods type, demand and supply, elasticity, market failure and contemporary issues in economics.
Learning Outcomes
1.
Demonstrate an understanding of the main concepts of economics
2.
Apply knowledge of supply and demand
3.
Demonstrate knowledge of price and income elasticity of demand and calculate cross- elasticity
Module Content
Outline Syllabus:
- The economic problem
- Types of goods
- Allocation of resources in competitive markets
- Elasticity
- Price controls
- Types of markets
- Cost and revenue
- Economies of scale, specialisation, integration and efficiency
- Market failure
- The economic problem
- Types of goods
- Allocation of resources in competitive markets
- Elasticity
- Price controls
- Types of markets
- Cost and revenue
- Economies of scale, specialisation, integration and efficiency
- Market failure