Introduction to Microeconomics

Overview

Framework:
Access to HE 2024
Level:
Level 3
Unit No:
Not available
Credits:
3
Guided learning hours:
Not available

Qualification Grading Type

Graded

For the full unit details, please download the latest version of the qualification specification. This is available for download on the relevant qualifications page.

Unit Learning Outcomes

To view the assessment criteria and any additional content, please expand the relevant learning outcome below.

1. — Understand the principle of microeconomics.

Assessment Criteria

  • 1.1.

    Explain key principles of microeconomics.

  • 1.2.

    Analyse the difference between micro- and macro-economics.

2. — Understand the impact of supply, demand and elasticity in microeconomics.

Assessment Criteria

  • 2.1.

    Explain the impact of supply and demand on a business.

  • 2.2.

    Evaluate the impact of elasticity on supply and demand.

3. — Understand consumer behaviour.

Assessment Criteria

  • 3.1.

    Explain the principles of consumer behaviour.

  • 3.2.

    Analyse how understanding consumer preference and choice can support business decisions.

4. — Understand market structures.

Assessment Criteria

  • 4.2.

    Evaluate why the monopoly market exists.