SHEB107 Project: Principles of microeconomics

Annotation:

Economics concepts are very useful in explaining real world issues. In order for the students to enhance their learning, and to make their studies more interesting and useful, they will be urged to follow the latest economic debates through the media. This task will assess their ability to apply economic concepts to real-world situations. It comprises of a media review in which they are required to review and critically analyse at least one media article (can be from a newspaper, magazine or any printed media) by using economic concepts and theories.

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Business Studies (Joint programme with The University of York)

Lecturers:

Prof. Sabina Rakarova, PhD
Asst. Prof. Elena Spasova, PhD

Course Description:

Competencies:

Students who complete this course:

1) will know:

• Understand the basics of microeconomic theory and perform analyses on various microeconomic issues

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

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

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

2) will be able to:

• Judge the role of households and firms in an economy

• Assess how firms are taking their decisions in an economy

• Comprehend and evaluate the role of governments in the more equitable allocation of wealth in the economy

• Understand the basics of general equilibrium theory


Prerequisites:
Students are required to have the following knowledge and/or skills:

• Principles of Microeconomics

Types:
Full-time Programmes

Types of Courses:
Project

Language of teaching:
English

Topics:

  1. Real-world microeconomic phenomena: Excess demand and Excess supply
  2. Real-world microeconomic phenomena: Price floors and price ceilings
  3. Real-world microeconomic phenomena: Monopolies
  4. Real-world microeconomic phenomena: Cartel agreements
  5. Real-world microeconomic phenomena: Externalities and public goods

Bibliography:

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

• All material used in this unit's classes are available in electronic form through CITY's E-Leaning Management System (MOLE) with enrolment password : equilibrium

Assessment:

REQUIREMENTS:

Part 1

Choose ONE article and prepare a summary of about 250 words. The selected article should be current, that is, from January 2019 ONWARDS. Explain how this issue/article is related to microeconomics. You are required to attach the full article at the back of your write up.

Part 2

Study the article and apply any TWO microeconomic terms/concepts (any topics discussed in class up to week 8). Discuss the relevance of the news item to the TWO concepts you have chosen. You are expected to integrate as best possible the concepts and theories presented in lectures with the material in the article. You are to provide between 2 to 4 proper references and/or citations. Illustrate and describe the issue from the article using at least ONE appropriate diagram. This section should not exceed 750 words.

Courseworks are submitted online.