20 July 2018
Principles of Microeconomics
This module provides an introduction to the concepts that underlie modern economic analysis.
The module begins with the concept of opportunity cost, proceeding to optimal decision-making at the level of an individual consumer.
Similar analysis will be applied to describe the optimal behaviour of an individual firm, distinguishing competitive and non-competitive market structures. The theoretical coverage will be supplemented with real-world examples, including a visit to the London Metal Exchange, where students will observe a live application of the theoretical concepts.
Sultan Orazbayev joined UCL in 2010 to teach the economics course, on the Undergraduate Preparatory Certificate (UPC) program. Prior to joining UCL, he has worked as an economist, conducting applied macroeconomic research and policy analysis.
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.
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.
7.5 ECTS / 4 US / 0.5 UCL
GBP 1950: Students joining us for six weeks (two modules) will receive a tuition discount of £450.
GBP 1000: UCL offers accommodation in a vibrant area in the heart of London which costs £1000 per 3-week Session.