LO1:Explain how markets work, how government policies affect markets and how firms make decisions about production.

Module content 

This module explores the nature of micro-economics. Understanding, reacting to and to some extent controlling microeconomic influences on the firm are crucial business skills. You will explore in more depth some of the elements examined in Understanding Business and Becoming an Economist. The module will cover the flowing concepts: consumer choice, supply and demand, consumer and producer behaviour, price control and taxes; marginal analysis; and differences between various market structures.

Indicative topics include the following:

1.Introduction to Microeconomics

2.Market Forces of Supply and Demand

3.Consumer Choice

4.Firms in Competitive Markets

5.Market Efficiency: Price control and taxes

6.Market Structures

7.Frontiers of Microeconomics

AIMS OF THE MODULE

The main aims are:

1.To examine how economic decisions are made by households and firms

2.To examine how consumers and firms interact to determine the quantities and prices of goods and factors of production and the allocation of resources

3.To discuss market structure: competition, monopoly and oligopoly

4.To critically examine the notion of general equilibrium.

Note: Please refer to your Course Handbook for a detailed outline of how this module forms part of course.

Expectations

Specific expectations students can have of tutors:

1.Effective communication on relevant information on the module via emails

2.Lecture materials and seminar activities available on UWLFlex, before a schedule seminar time.

3.Provision of assessment marks and relevant feedback on submitted work., within 15 working days after submission.

Specific expectations tutors will have of students:

1.Attend all seminar sessions

2.Participate and prepare any activities as per instruction.

3.Ready and willing to engage in group presentations and other collaborative activities

4.Communicate any absence via email before a schedule seminar time.

5. Behave in a professional manner in classes and cause no disruption to others’ learning experience

6. All assessments should be attempted and submit within the deadline, accounting for any exceptional circumstance(s).

Learning materials 

The reading list for this module is available on Blackboard in the module area and online by searching readinglists. This shows real-time availability of books in the library and provides direct links to digital items, recommended by your lecturer.

Remember to log into Blackboard daily to receive all the latest news and support available at your module sites!

Subject guides (libraryguides) are also available to help you find relevant information for assignments, with contact details of the Subject Librarian for your School.

Essential Reading:

Browning, E., and Zupan, M. (2019). Microeconomics (13th ed.). Wiley. Retrieved from https://www.perlego.com/book/3866183/microeconomics-theory-and-applications-pdf

Baumol, W., Blinder, A., & Solow, J. (2019). Microeconomics ([edition unavailable]). Cengage Learning EMEA. Retrieved from https://www.perlego.com/book/3156860/microeconomics- principles-policy-pdf

Additional Reading:

Besanko, D., and Brautigan, R. (2020). Microeconomics (6th ed.). Wiley. Retrieved from https://www.perlego.com/book/3866182/microeconomics-pdf

Maintaining Academic Honesty and Integrity

Academic Integrity means avoiding plagiarism and cheating and owning your own work, the use of essay mills and AI content is also considered academic misconduct. This is when you submit a piece of work which is not completely your own, but which you are presenting as your own without acknowledging the author or properly referencing the original source. All your work must demonstrate Academic Integrity; it must be an honest and fair submission, complying with all the requirements of the assessment. Failure to meet these standards of behaviour and practice is academic misconduct, which can result in penalties being applied under the Academic Offences Regulations. You can get support with your academic writing by speaking to our Study support team.

Meeting Deadlines

You should always try your best to submit your work on time. You can submit coursework up to 10 calendar days late without penalty if you request an extension before the submission deadline.

Without an extension, the maximum mark you will be able to get for that work will be the pass mark.

Getting Support 

There may be times when you experience circumstances outside of your control and talking to your Module Leader and other support services available to you in the university will help keep you on track with your studies. You can access information on support services and further guidance at our Support for current students page.

If your circumstances mean that you are not able to submit at all or are unable to attend an in- person assessment like an exam or in-class test, then you can request mitigation for the assessment. Approved mitigation means that you can have another attempt without penalty if you fail an assessment or do not submit.

If you request an extension or mitigation before the deadline you can choose to self-certify, without providing evidence, so long as you have a valid reason. You can only self-certify three assessments per academic year. If you have used all your self-certification opportunities, or requested mitigation after the deadline, you will need to provide evidence of your exceptional circumstances for your request to be granted.

Your Students’ Union Advice Team will be able to support you through the process.

Preparing for your Assessment 

A key part of your learning will be preparation for your summative assessment. You will be provided feedback on your formative assessments, and this will help you to better understand what is required of you when you submit your summative assessment. Please see below guidance on your formative assessment and how to access your feedback.

Formative Assessment- Mini Poster and Topic Identification Task (in class (week 4)

Assessment Support 

Assessment

Teaching Weeks in which Assessment Support Takes Place

Outline of Type and Form of Assessment Support to be Provided

Student Preparation Required Prior to or After the Support Session

How will the Support Session to be Delivered

A1: poster and summary analysis write-up (800 words)

Week 6

General Revision for Assessment 1- Objectives and poster format

No prior preparation

During the weekly seminar (first 1hr)

Week 7

Formative Feedback to be provided- practice presentation

Assessment 1 poster for review

During seminar for verbal comments.

 

Week 12

General Revision for Assessment 2- Objectives and format

No prior preparation

During the weekly seminar (first 1hr)

A2: Case study and SWOT

Analysis

Week 13

Formative Feedback to be provided on draft

Draft coursework

During the weekly seminar (first 40mins)


Summative Assessment 1 

Assessment title

Poster + Written Commentary

Submission date and time

Week 8

Word Count (or equivalent)

Poster + 800 words summary analysis of topic chosen

Where to submit

Online submission through Turnitin

Feedback date

Within 15 working days after submission

Assessment Weighting

50%

PSRB requirements (if applicable)

N/A

Submitting, feedback & grades online using Blackboard

Main objectives of the Assessment

The assignment of the Poster + summary analysis allows you to critically select a topic of interest from the outlined topics of discussion within the module.The assignment will allow the use of

Microsoft tools to developed poster presentation and a written analysis of the selected topic.

No.

Learning Outcome

Marking Criteria

1

Explain how markets work, how government policies affect markets and how firms make decisions about production.

Assessed for A1 marking criteria

2

Discuss how firms make decisions in the short and in the long-run,and how to measure profits and quantities of goods produced.

Assessed for A1 marking criteria

3

Explain basic microeconomic concepts, and apply those in real situations

Assessed for A1 marking criteria

4

Identify the benefits that free markets provide to society, and their limitations in dealing with certain problems

Not assessed for A1 marking criteria

Assessment 1 – Poster + written commentary Assessment Brief:

1.Choose a topic covered in weeks 1-5 and create a Microsoft PowerPoint poster using the template provided (See Assessments Tab on Blackboard).

2.Your submission should include sources and reference information and an 800-word summary analysis.

General structure and marking Criteria (A1- 800 words summary analysis)

The general structure and marking criteria for reflective evaluation of your chosen topic:

1.A good introductory paragraph that highlights the objective and structure of the assessment (10%).

2.Evidence of reflective analysis and understanding of the chosen topic. Clear articulation of relevant concepts and provision of supporting practical data examples. Good presentation of arguments or points. (60%)

3.     Constructive conclusion, relevant additional analysis and acknowledged limitations (15%)

4.     Overall presentation and attention to sentence structure and grammatical errors (10%)

5.     Good referencing using the Harvard format (5%)

Marking Scheme- A1 (Poster and Summary Analysis)

Section

100-80%

79-70%

69-60%

59-50%

49-40%

39-30%

29-0%

Introduction 10%

Outstanding introduction to the essay.

Highlighting the objectives and providing justification for the discussed aims.

Excellent introduction to the essay.

Highlighting the objectives and providing justification for the objectives

Very Good introduction to the essay.

Highlighting the objectives and providing justification for the

Good Introduction with a basic attempt at a rationale.

Satisfactory aims and objectives

Satisfactory Introduction with a poor attempt at a rationale.

Satisfactory aim and basic or vague objectives

Poor Introduction with a dissatisfactory rationale. Poor statement of aim, insufficient and unclear objectives

Insufficient and incomplete introduction. Too brief, vague, or poorly written. Poor or incomplete aims and objectives

 

Main Conceptual Discussion (60%)

Outstanding evaluation of the main concepts and justification with statistical facts.

Excellent evaluation of the main concepts and justification with statistical facts. .

Very Good evaluation of the main concepts and justification with statistical facts. .

Good evaluation of the main concepts and justification with statistical facts. .

Satisfactory evaluation of the main concepts and justification with statistical facts.

Poor evaluation of the impact of the main concepts and justification with statistical facts.

 

.

Very poor evaluation of the main concepts and justification with statistical facts.

 

Conclusion (15%)

Outstanding constructive conclusion, relevant additional analysis and acknowledged limitations

Excellent Constructive conclusion, relevant additional analysis and acknowledged limitations

Very good conclusion, relevant additional analysis and acknowledged limitations

Good evaluation conclusion, relevant additional analysis and acknowledged limitations

Satisfactory conclusion, relevant additional analysis and acknowledged limitations

Poor conclusion, relevant additional analysis and acknowledged limitations

Very poor conclusion, relevant additional analysis and acknowledged limitations firm or sector.

References, Presentation & Structure 15%

Outstanding and professional academic writing ability demonstrating articulate and fluent communication. Excellent

spelling and grammar.

Excellent academic writing ability demonstrating articulate and fluent communication. Excellent spelling and grammar.

Very good academic writing ability demonstrating articulate and fluent communication. Few spelling and grammar mistakes.

Good academic writing ability demonstrating clear and fluent communication. Some spelling and grammar mistakes.

Satisfactory academic writing ability not demonstrating clear and fluent communication. Some spelling and grammar mistakes.

Poor academic writing ability with very communication. Excessive spelling and grammar mistakes.

Very poor demonstration of academic writing ability and reference appropriately

LO1:Explain how markets work, how government policies affect markets and how firms make decisions about production.

Employability Skills

This assessment covers the following employability skills, which you could demonstrate on your CV and at job interviews if you successfully pass the assessment:

1. Critical Thinking- in choosing and presenting understanding of the chosen topic on a poster presentation

2. Communication- articulating and presenting ideas in summarised format

3. Decision Making- identifying and allocating the relevant learning materials on your selected topic.

4. Digitally literate- the use of PowerPoint to present poster summary

5. Ability to learn and adapt and intellectual curiosity

Summative Assessment 2

Assessment title

Firm based Case study and SWOT Analysis of Free Market

Submission date and time

Week 14

Word Count (or equivalent)

1500 (+-10%)

Where to submit

Online submission through Turnitin

Feedback date

Within 15 working days after submission

Assessment Weighting

50%

PSRB requirements (if applicable)

N/A

Submitting, feedback & grades online using Blackboard

Main objectives of the Assessment

Write a case study based on a firm or a sector of the economy, followed by SWOT analysis of free market approach.

No.

Learning Outcome

Marking Criteria

1

Explain how markets work, how government policies affect markets and how firms make decisions about production.

Assessed for A2 marking criteria

2

Discuss how firms make decisions in the short and in the long-run, and how to measure profits and quantities of goods produced.

Assessed for A2 marking criteria

3

Explain basic microeconomic concepts, and apply those in real situations

Assessed for A2 marking criteria

4

Identify the benefits that free markets provide to society, and their limitations in dealing with certain problems

Assessed for A2 marking criteria

Assessment Brief: This assessment has three parts:

1.Choose a firm or sector in any western economy and analyse its features within its broad economic context, drawing on readings from this module and additional research.

2.Your analysis should include a discussion of the core features of the free market (Western) economy.

3.Your analysis should also be accompanied by a SWOT analysis of the free-market approach considering its effectiveness in addressing economic challenges of relevance to your chosen topic.

General structure and marking Criteria (A2)

Criteria

Weight

A good introductory paragraph that highlights the objective and structure of the assessment

10%

LO2:Discuss how firms make decisions in the short and in the long-run,and how to measure profits and quantities of goods produced.

Clear articulation of relevant concepts and providing supporting data or context in line with the selected case study. Good presentation of arguments or points

40%

SWOT Analysis

30%

Constructive conclusion, relevant additional analysis and acknowledged limitations

10%

Overall presentation and attention to sentence structure and grammatical errors

5%

Good referencing using the Harvard format

5%

Marking Scheme A2

Section

100-80%

79-70%

69-60%

59-50%

49-40%

39-30%

29-0%

Introduction 10%

Outstanding introduction to the essay.

Highlighting the objectives and providing justification for the discussed aims.

Excellent introduction to the essay.

Highlighting the objectives and providing justification for the objectives

Very Good introduction to the essay.

Highlighting the objectives and providing justification for the

Good Introduction with a basic attempt at a rationale.

Satisfactory aims and objectives

Satisfactory Introduction with a poor attempt at a rationale.

Satisfactory aim and basic or vague objectives

Poor Introduction with a dissatisfactory rationale. Poor statement of aim, insufficient and unclear objectives

Insufficient and incomplete introduction. Too brief, vague, or poorly written. Poor or incomplete aims and objectives

 

Main Conceptual Discussion (40%)

Outstanding evaluation of the main concepts and justification with statistical facts.

Excellent evaluation of the main concepts and justification with statistical facts.

Very Good evaluation of the main concepts and justification with statistical facts.

Good evaluation of the main concepts and justification with statistical facts.

Satisfactory evaluation of the main concepts and justification with statistical facts.

Poor evaluation of the impact of the main concepts and justification with statistical facts.

Very poor evaluation of the main concepts and justification with statistical facts.

 

SWOT ANALYSIS (30%)

Outstanding evaluation and outline of the SWOT analysis for the chosen firm or sector.

Excellent evaluation and outline of the SWOT analysis for the chosen firm or sector.

Very good evaluation and outline of the SWOT analysis for the chosen firm or sector.

Good evaluation and outline of the SWOT analysis for the chosen firm or sector.

Satisfactory evaluation and outline of the SWOT analysis for the chosen firm or sector. .

Poor evaluation and outline of the SWOT analysis for the chosen firm or sector. .

Very poor and outline of the SWOT analysis for the chosen firm or sector.

References, Presentation & Structure 20%

Outstanding and professional academic writing ability demonstrating articulate and fluent communication. Excellent spelling and

grammar.

Excellent academic writing ability demonstrating articulate and fluent communication. Excellent spelling and grammar.

Very good academic writing ability demonstrating articulate and fluent communication. Few spelling and grammar mistakes.

Good academic writing ability demonstrating clear and fluent communication. Some spelling and grammar mistakes.

Satisfactory academic writing ability not demonstrating clear and fluent communication. Some spelling and grammar mistakes.

Poor academic writing ability with very communication. Excessive spelling and grammar mistakes.

Very poor demonstration of academic writing ability and reference appropriately

Employability Skills

This assessment covers the following employability skills,which you could demonstrate on your CV and at job interviews if you successfully pass the assessment:

1.Critical Thinking

2.Ability to learn and adapt.

3.Taking initiative and self-motivating

4.Decision marking

5.Written and academic writing skills

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