ECON1101 Microeconomics 1 - 2025
General Course Information
Course Code : ECON1101
Year : 2025
Term : Term 1
Course Details & Outcomes
Course Description
Economics is a social science that studies how people make decisions in a world with limited resources and the ways in which they interact with one another.
The goal of this course is to provide you with the basic tools to “think like an economist” – that is, to be able to use basic economic principles to ask and answer questions about how the world works and what is the intended and unintended effects of various policies.
We will cover topics such as how individuals or firms make decisions about the demand for or supply of a product, how we can determine the efficiency of a market, and how we evaluate the costs and benefits of trade or government interventions in the society.
Course Aims
The aim of this course is to provide an introduction to microeconomic analysis. It outlines the theory of markets with relevant applications to individual, business and social issues.
ECON1101 is a core requirement for all students in the BEc programs. Additionally, ECON1101 is a prerequisite for ECON1401, and all courses in the School of Economics with a course code number beginning with 2 or 3.
No previous study of economics is assumed.
Relationship to Other Courses
As mentioned, ECON1101 is a core requirement for all students in the BEc programs.
Additionally, ECON1101 is a prerequisite for ECON1401, and all courses in the School of Economics with a course code number beginning with 2 or 3.
No previous study of economics is assumed.
Course Learning Outcomes
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Course Learning Outcomes
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Program learning outcomes
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CLO1 : Explain the assumptions that underlie standard microeconomic models of individual and collective decision-making and behaviour in a world with limited resources.
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• PLO1 : Business Knowledge
• PLO3 : Business Communication
• PLO6 : Global and Cultural Competence
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CLO2 : Identify appropriate economic models (e.g., models of perfectly competitive markets and various market imperfections) and apply them to analyse and predict the behaviour of individuals and firms interacting in markets.
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• PLO1 : Business Knowledge
• PLO2 : Problem Solving
• PLO3 : Business Communication
• PLO4 : Teamwork
• PLO5 : Responsible Business Practice • PLO6 : Global and Cultural Competence • PLO7 : Leadership Development
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CLO3 : Articulate how individuals and society as a whole benefit or are harmed by economic markets.
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• PLO1 : Business Knowledge
• PLO2 : Problem Solving
• PLO4 : Teamwork
• PLO5 : Responsible Business Practice • PLO6 : Global and Cultural Competence • PLO7 : Leadership Development
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CLO4 : Evaluate the costs and benefits of government policies that affect economic incentives and behaviour.
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• PLO1 : Business Knowledge
• PLO2 : Problem Solving
• PLO3 : Business Communication
• PLO4 : Teamwork
• PLO5 : Responsible Business Practice
• PLO6 : Global and Cultural Competence
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CLO5 : Use basic mathematical tools to
demonstrate the properties and predictions of economic models and calculate the effect of changes in economic variables.
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• PLO1 : Business Knowledge
• PLO2 : Problem Solving
• PLO3 : Business Communication
• PLO5 : Responsible Business Practice • PLO6 : Global and Cultural Competence • PLO7 : Leadership Development
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Course Learning Outcomes
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Assessment Item
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CLO1 : Explain the assumptions that underlie standard microeconomic models of individual and collective
decision-making and behaviour in a world with limited resources.
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• Playconomics: Game + Academia
• Final Exam
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CLO2 : Identify appropriate economic models (e.g.,
models of perfectly competitive markets and various
market imperfections) and apply them to analyse and
predict the behaviour of individuals and firms interacting in markets.
|
• Playconomics: Game + Academia
• Final Exam
|
|
CLO3 : Articulate how individuals and society as a whole benefit or are harmed by economic markets.
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• Playconomics: Game + Academia
• Final Exam
|
|
CLO4 : Evaluate the costs and benefits of government policies that affect economic incentives and behaviour.
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• Playconomics: Game + Academia
• Final Exam
|
|
CLO5 : Use basic mathematical tools to demonstrate the properties and predictions of economic models and
calculate the effect of changes in economic variables.
|
• Playconomics: Game + Academia
• Final Exam
|