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Microeconomics

Microeconomics

An intensive summer programme designed to introduce students aged 19+ to the principles of Microeconomics.

A one-week programme, residential in a college of the University of Oxford.

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Course Summary

Whilst this course will introduce traditional microeconomic models and theories and provide an historical perspective through case studies of different industries and countries, it will do so through an applied consideration of today’s most pressing and up-to-date microeconomic issues in order to critically assess microeconomic theories against the latest studies and research findings.

It will reassess the basic economic problems of choice, opportunity cost and resource allocation in the current global environment and use the core models at the heart of the micro-economic ‘canon’ such as supply and demand and elasticity to analyse new, emerging and potential future trends in consumer, business and factor markets (such as the labour market).

Students will gain a hands-on understanding of theories of the firm and business behaviour work in practice along with information on how capital investment and new technology impacts both business and economic decision making.

In addition, students will be presented with the opportunity to acquire a comprehensive knowledge, understanding and skills of the efficiency of different micro-economic market structures and students will critically assess the role that governments can successfully play in influencing positive market behaviour.

Course Outcomes

By the end of the course students will understand:

  • In more detail, how individuals, companies and governments behave under different market conditions and use this knowledge and understanding to forecast potential future changes
  • How to use the tools of microeconomic analysis to further investigate supply and demand conditions, market structures and government policies across a broader range of industries and countries
  • How consumer and company behaviour is changing and use the information and data provided on the course to make more accurate predictions about the future of micro-economics

Course Outcomes

Monday Lecture 1: Microeconomic issues- contemporary global challenges for individuals, firms and governments
Seminar 1: The basic economic problem and resource allocation in the 21st century- contemporary challenges
Tuesday Lecture 2: Supply and Demand- the changing nature of buyer and supplier behaviour
Seminar 2: Elasticity of supply and demand in a fast changing world- practical exercises
Wednesday Lecture 3: Consumer Behaviour in an uncertain world
Seminar 3: Assessing modern theories of the firm and company behaviour- hands on practical skills theory of the latest models
Thursday Lecture 4: Competition models and profit maximisation under different market structures- to what extent can perfect efficiency and equilibrium be achieved?
Seminar 4: Reviewing the role of governments and government policy under different market structures- applied skills development through case study analysis
Friday Lecture 5: Factor markets, capital investment, and new technology- emerging trends
Seminar 5: Presentations, course review and action planning

 

Assessment Methods

1 x Written Assignment (500-750 words)

1 x Group Presentation

Campuses

Oxford College Accommodation

  • Location Oxford
  • Ages Ages: 12+, 13-15, 16-18, 19+
  • Bedroom Type Single and twin
  • Bathroom Type En-suite & Shared (single gender)
  • Year Built Founded in 1096 (University of Oxford)

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