Principles of Microeconomics

This module provides an introduction to the concepts that underlie modern economic analysis.

We will begin with the concept of opportunity cost, proceeding to optimal decision-making at the level of an individual consumer. Similar analysis will describe the optimal behaviour of an individual firm, distinguishing competitive and non-competitive market structures. The theoretical coverage will be supplemented with real-life examples. At the end of the module we will go on an excursion to the Bank of England and nearby historical sites.

Course leader

Dr. Dunli Li

Target group

This is a level one module (equivalent to first year undergraduate). Students who have completed micro- or macroeconomics courses at introductory level or higher, cannot take this module.

There are no specific requirements involving prior mathematical knowledge but students should be comfortable drawing and manipulating diagrams to support their arguments.

Course aim

Upon successful completion of this module, students will:

Be familiar with the basic microeconomic concepts
Have gained the ability to apply basic microeconomic concepts to analyse behaviour of consumers and firms under several market structures
Have an understanding of the price mechanism, its limitations, and factors influencing the market price
Have gained the ability to analyse the impact of government intervention on efficiency and distribution of surplus.

Credits info

7.5 EC
7.5 ECTS / 4 US / 15 UCL

Fee info

GBP 2350: Students joining us for six weeks (two modules) will receive a tuition fee discount.
GBP : Students are welcome to apply for accommodation at a UCL summer residence.