Monash College Unit Guide

INTRODUCTORY MICROECONOMICS (MCD1060)

Purpose

The purpose of this unit is to:

• Identify and explain the basic concepts of supply, demand and markets.
• Examine the concepts of elasticity, externalities, market failure and the role of government.
• Analyse the market structures- Perfect competition and Monopoly.

Prerequisites

Nil

Learning outcomes

Upon successful completion of this unit, students will be able to:

1. Define economics and understand how people benefit from economic interdependence
2. Describe the determinants of demand and supply
3. Explain how governments influence market economies
4. Explain market restrictions and market failure
5. Compare and contrast Perfect Competition and Monopoly
6. To undertake research using on-line resources
7. Identify and analyse economic theory to understand the current issues
8. Be critical thinkers and independent learners

Assessment

Tutorial participation, tests assignments: 40%

Final examination: 60%

Disclaimer