The primary aim of this module is to introduce students to the fundamentals of modern market-oriented microeconomic analysis. The economic way of thinking introduced in this module involves the use of key concepts and models to help students to begin to understand how a complex real world micro-economy operates. The module should educate students to think in terms of alternatives, help them to understand the cost of individual and firms choices and provide them with general frameworks to understand key microeconomic concepts and issues. This module aspires to develop the critical thinking abilities of students, not merely through the mastery of microeconomic concepts and techniques but also through a questioning approach to the body of knowledge which is facilitated primarily in the interactive smaller group weekly tutorial sessions and through the use of e-learning platforms.

What is economics is explored. Concepts such as scarcity, individual decision-making, trade-offs and opportunity cost along with distinctions between microeconomics vs macroeconomics and normative vs positive economics are emphasised. Markets are examined. The model of supply and demand is used to understand how market equilibrium prices and quantities are determined. Intervention in the market via price ceilings and price floors are also examined. The sensitivity of demand and supply to changes in key variables such as price and income is analysed through elasticity. Consumer choice using indifference curve analysis is presented. The latter part of the module focuses its attention on supply and costs of production. The different types of costs and how costs affect revenue and profits are examined. A perfectly competitive firms supply decision along with that of Monopoly (single priced vs price discrimination monopolists) are also studied.

At the end of this module, students will be able to: Construct frameworks (primarily by drawing economic models/diagrams/figures) which provide insights into how a complex real world micro-economy operates; Solve basic mathematical problems using economic variables (e.g. relating to demand and supply; elasticity and a price discriminating monopolist); Analyse economic problems and issues through the mastery of key economic concepts and development of an economic way of thinking in terms of alternatives and the cost of individual (consumer theory) and firms' (producer theory) choices; Manipulate basic economic constructs (e.g. demand & supply diagrams) so as to understand how market equilibrium prices and quantities are determined and change; Analyse how cost and revenue variables impact upon firms' price and output decisions in different market contexts, mainly Perfect Competition and Monopoly ; Apply market principles and systems to analyse contemporary global economic issues from a microeconomic perspective e.g., the soaring price of oil (2008), the international food crisis, global warming and environmental degradation, taxation issues and more.

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Although this is an introductory foundation module we aspire to develop student critical thinking abilities, not merely through the mastery of microeconomic concepts and techniques but also through a questioning approach to the body of knowledge which is facilitated primarily in the interactive smaller group weekly tutorial sessions. Participation in the tutorials is an essential and integral part of the learning process both for those students who have already studied economics as well as for those taking it up for the first time. The module is delivered using the standard lecture/tutorial framework. Students are provided with the basic tools to apply economic analysis to real life problems and decision making. A key pedagogical strategy is to base the lectures on data and examples from the Irish, European and global economy thus providing where possible an international dimension to the introductory module. Students are also required to partake in the economics e-learning system that accompanies the prime text. Students complete practice tests on line (completing these practice tests is a good way for students to monitor their understanding of the subject material) as well as a number of real (graded) tests on-line throughout the semester. A key feature of the module is that students are actively involved throughout. To this end, students attend weekly lectures and tutorials, undertake on-line tests and are required also to undertake an end of term examination comprising multiple choice and short answer questions. All of these learning by doing experiences equip students with the techniques necessary to identify and appraise critical issues in microeconomics. Overall, the module improves students' knowledge and understanding of microeconomic concepts and directly contributes to one of UL's key graduate attributes that students are knowledgeable.