Undergraduate - UnitECC1000 - Principles of microeconomics

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

Synopsis

The nature and scope of economics; different economic systems; economic policy analysis and evaluation; main bodies of economic thought; examples of household, business and government economic decision problems; consumer choice, product demand and factor supply; enterprise choice, product supply and factor demand; market analyses of contemporary issues; competitive market long run equilibrium; market power; market failure and concerns for efficiency and equity; government involvement in the Australian economy.

Outcomes

The learning goals associated with this unit are to:

1. be familiar with the 'economic way of thinking' about a broad range of individual, business and government choices and decisions
2. apply economic principles to explain and analyse Australian economic institutions, economic decisions and performance
3. make informed and critical assessment and criticism of the public debate on many economic policy issues
4. proceed to the study of other economics units which have an introduction to microeconomics as a prerequisite.

Assessment

Within semester assessment: 40%
Examination (2 hours): 60%

Chief examiner(s)

Ross Booth (Semester 1)
Dr Dinusha Dharmaratna (Semester 2)

Contact hours

3 hours per week