SHEB103 Principles of Microeconomics


This unit aims to introduce students to Microeconomics by providing students with a detailed analysis of the operation of the different microeconomic markets and the factors of production, focusing on the behaviour of households and firms. Students will acquire an in-depth knowledge of the main economic assumptions that are a prerequisite for any economic analysis. More specifically, a thorough analysis of the main economic issues will be presented which span from scarcity, opportunity costs and production possibilities, comparative advantage, supply and demand, costs, revenues, product pricing and outputs, efficiency and the role of government. Through the material covered the student will acquire the basic economic knowledge that will support future decisions on economic issues and will enhance her/his skills with respect to the application, analysis, synthesis and evaluation of the various microeconomic phenomena.

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Business Studies (Joint programme with The University of Sheffield)


Dr. Andreas Alexiou
Prof. Sabina Rakarova, PhD
Assoc. Prof. Eduard Marinov, PhD

Course Description:


By the end of the unit, a student will be able to:

LO1 Identify the basics of microeconomic theory and perform analyses on various microeconomic issues

LO2 Understand demand and supply their determinants and the outcomes of price controls

LO3 Recognise and explain the differences and similarities between the different market structures

LO4 Describe and explain the concepts of elasticity, cost, revenues, profits

LO5 Explain the role of households and firms in an economy

LO6 Assess how firms are taking their decisions in an economy

LO7 Recognise and evaluate the role of governments in the more equitable allocation of wealth in the economy

LO8 Explain the basics of general equilibrium theory


Full-time Programmes

Types of Courses:

Language of teaching:



Case, K., Fair, R., and Oster, S, (2016) Principles of Economics, 12th edition, Pearson (CFO).

Additional Textbooks

1. Arnold, Roger, A. (2014) Economics. 11th edition, International edition, Cengage Learning

2. Mankiw, G. N. (2015) Principles of Economics. 7th Edition, Cengage Learning

3. Begg, D., Fischer, S., and Dornbusch, R. (2014) Economics. 11th Edition. McGraw-Hill

4. McConnell, C.R. & Brue, S.L. (2012) Economics. 19th International edition, McGraw Hill

5. Sloman, J., Hinde, K. & Garratt, D. (2013) Economics for Business. 6th edition, Prentice Hall


C1 Mid-term test

C2 Report

E1 Final Exam