Introduction to Microeconomics

Overview

Framework:
Access to HE 2024
Level:
Level 3
Unit No:
Not available
Credits:
3
Guided learning hours:
Not available

Qualification Grading Type

Graded

Unit Learning Outcomes

1.

Understand the principle of microeconomics.

Assessment Criteria

  • 1.1.

    Explain key principles of microeconomics.

  • 1.2.

    Analyse the difference between micro- and macro-economics.

2.

Understand the impact of supply, demand and elasticity in microeconomics.

Assessment Criteria

  • 2.1.

    Explain the impact of supply and demand on a business.

  • 2.2.

    Evaluate the impact of elasticity on supply and demand.

3.

Understand consumer behaviour.

Assessment Criteria

  • 3.1.

    Explain the principles of consumer behaviour.

  • 3.2.

    Analyse how understanding consumer preference and choice can support business decisions.

4.

Understand market structures.

Assessment Criteria

  • 4.1.

    Compare different types of market structures.

    Include perfect competition, monopoly, oligopoly and monopsony.

  • 4.2.

    Evaluate why the monopoly market exists.