Microeconomics

Module code: EC1000

Microeconomics is the study of decision making behaviours displayed by individuals, firms and institutions and how these behaviours influence the market.  This module will help you to understand what factors influence these behaviours and the basic mistakes and fallacies we face when making decisions. We will look at how rationality and emotions interact and impact each other during this process.

This module will give you the opportunity to define the basic theory underlying the behaviour of economic and social agents. You will also gain the ability to use fundamental concepts used in microeconomics. This includes concepts such as:

• Objectives
• Constraints
• Cost
• Rationality
• Equilibrium

This will help you to understand simple policy tools - for example taxes and subsidies - the circumstances which they may be used, and their likely consequences. Understanding these key points will demonstrate important insights about strategic behaviours that can improve your skills when you engage in strategic situations.