Basic Microeconomic Concepts

Term 2


To provide undergraduates - who are not studying economics as part of their degree programme - with a wide knowledge of the most basic economic concepts; to deliver a solid understanding of consumer and firm behavior; to explain most basic demand and supply neo-classical theory; to present basic concepts in mathematical formulae and graphs in a systematic manner; and to describe recent data and real-world examples


By the end of the course, students should:

  • be entirely familiar with the most commonly used concepts from theoretical models of supply and demand.
  • be aware of the applicability and limitations of theory; combine concepts with data, and give explanations to current phenomena based on solid analytical models.
  • understand debates over consumer, firm behavior, and prices; current policies and their effect on consumers and firms.
Taught by:
Beatriz Armendariz
Assessment: The course comprises 20 hours of lectures and 8 compulsory tutorial classes with an exercise sheet for each. There will be a 2-hour unseen written examination in Term 3.
Suitable for:

Students from departments other than Economics and the combined-studies degrees in Economics.  It is NOT available to the following students:

Economics BSc (L100), Economics and Geography BSc (LL17), Economics and Statistics BSc (LG13), Philosophy and Economics BA (VL51), Mathematics with Economics BSc (G1L1), Mathematics with Economics MSci (G1LC), Statistics, Economics and Finance BSc (GLN0), and Statistics, Economics and a Language BSc (GLR0).

Prerequisites: A-Level Math
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