The primary aim of this module is to introduce students to the fundamentals of 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 aims to train students to think in terms of alternatives, to understand the cost of individual and firms choices and provide general frameworks to understand key microeconomic concepts and issues.

The module will commence with the question of what economics is and what it is not. In answering this question emphasis is placed on the importance of key concepts such as scarcity, individual decision-making, trade-offs and opportunity cost. Markets as a means of organising economic activity are examined and criticisms of this way of thinking are also presented. The model of supply and demand is used to understand how market equilibrium prices and quantities are determined. Supply and demand curves are used to explain the movements of prices and the allocation of resources. The sensitivity of demand and supply to changes in key variables such as price and income is analysed through measures of elasticity. Consumer choice using indifference curve analysis is introduced as well as elements of behavioral and welfare economics. The behavior of firms is then explored with a focus on the influence of market structures on decision making. In looking at all topics across the module, the policy and sustainability implications are discussed.

On successful completion of this module, students will be able to: (1) Construct frameworks (primarily by drawing economic models/diagrams/ figures) which provide insights into how a complex real world micro-economy operates. (2) 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. (3) Demonstrate an understanding of basic economic constructs (e.g. demand & supply diagrams) so as to know how market equilibrium prices and quantities are determined and change. (4) Show an understanding of how markets may or may not be an efficient or fair way of allocating resources in a economy. (5) Assess how cost and revenue variables impact upon firms price and output decisions in different market contexts. (6) Analyse how microeconomic principles relate to contemporary global economic issues e.g., global warming.

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This module will be delivered using standard lectures and smaller group tutorials but may also utilise digital resources such as recorded lectures, relevant podcasts etc. to help enhance student learning where appropriate. Lectures will focus on relating microeconomic theory to policy facing issues. Guest speakers may also be involved within the delivery of the module to expose students to contemporary research findings in the area. The University of Limerick Graduate Attributes will be developed by: Broadening students' curiosity and agility through encouraging independent and critical thinking of the topics covered in class¿ emphasising student's responsibility to organise their time in an efficient manner and to work to specific deadlines. The module will draw from recent policy developments and published research in the relevant topics to help extend student's understanding.