| CODE | AET2901 | ||||||||||||||||||
| TITLE | Microeconomics (ECON210) | ||||||||||||||||||
| UM LEVEL | 02 - Years 2, 3 in Modular Undergraduate Course | ||||||||||||||||||
| MQF LEVEL | 5 | ||||||||||||||||||
| ECTS CREDITS | 6 | ||||||||||||||||||
| DEPARTMENT | Institute of Aerospace Technologies | ||||||||||||||||||
| DESCRIPTION | This course is an introduction to the economic principles of free enterprise supply and demand, private and social implications of revenue maximization, cost minimization, profit maximization, market structure, and resource markets. Current microeconomic issues in aviation (such as elasticity, pricing, taxes, subsidies, market implications, liability reform, evolution of airline completion, etc.) are discussed. Study-unit Aims: The purpose of this course is to present the theory of price and output determination.The student will learn how to apply elementary microeconomic principles to domestic and international policies. In order to maintain student interest and better perform our mission, professors will utilize current aviation examples to illustrate these economic principles as frequently as possible. Learning Outcomes: Upon course completion, students will be able to: 1. Understand introductory economic concepts; 2. Recognize basic supply and demand analysis; 3. Recognize the structure and the role of costs; 4. Describe, using graphs, the various market models: perfect competition, monopoly, monopolistic competition, and oligopoly; 5. Explain how equilibrium is achieved, in the various market models, in both the long and short run; 6. Recognize how resource markets relate to the product markets; 7. Identify problem areas in the economy, and possible solutions, using the analytical tools developed in the course; 8. Recognize how all the parts of the economy integrate into the whole; 9. Recognize the international economy, and describe how it works; 10. Recognize the crucial use of elasticity theory in pursuit of revenue maximization, output efficiency, inter-commodity relationships and the impact of income changes. Further information is available to students on the ERAU platform. Main Text/s and any supplementary readings: Required Course Materials Economics. Edition: 13th. Year: 2019. ISBN: 978-1337617383 - Hardcover. ISBN: 978-1337670647 - eBook. Author: Roger A. Arnold. Publisher: Cengage. Suggested Course Materials Publication Manual of the American Psychological Association. Edition: 6th. Year: 2010. ISBN: 978-1-4338-0561-5 Author: American Psychological Association Publisher: American Psychological Association. |
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| ADDITIONAL NOTES | Prerequisite Study-units: AET1911 or equivalent and AET1905, AET1906 or equivalent. | ||||||||||||||||||
| STUDY-UNIT TYPE | Online Learning | ||||||||||||||||||
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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