ECC1000 - Principles of microeconomics

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Overview

This unit provides students with an introduction to microeconomics. Students will be given the tools to understand basic economic ideas and to apply their learning to analyse economic applications in everyday life. It begins with an introduction to supply and demand and the basic forces that determine an equilibrium in a market economy. Next, it introduces a framework for learning about consumer behaviour and analysing consumer decisions. We then turn our attention to firms and their decisions about optimal production, and the impact of different market structures on firms' behaviour. The final section of the unit provides an introduction to some of the more advanced topics that can be analysed using microeconomic theory, including consumer choice, game theory and behavioural economics.

Offerings

S1-01-CLAYTON-ON-CAMPUS

S1-FF-CLAYTON-FLEXIBLE

S2-01-CLAYTON-ON-CAMPUS

Requisites

Prohibition

Contacts

Chief Examiner(s)

Dr Wayne Geerling

Notes

IMPORTANT NOTICE:
Scheduled teaching activities and/or workload information are subject to change in response to COVID-19, please check your Unit timetable and Unit Moodle site for more details.

Learning outcomes

On successful completion of this unit, you should be able to:

understand the 'economic way of thinking' about a broad range of individual, business and government choices and decisions

apply economic principles to explain and analyse economic institutions, economic decisions and performance

recognise regulatory and political environments and how they impact on business

proceed to the study of other economics units which have an introduction to microeconomics as a prerequisite.

Teaching approach

Active learning

Peer assisted learning

Assessment

1 - Within semester assessment

2 - Examination

Scheduled and non-scheduled teaching activities

Lectures

Tutorials

Workload requirements

Workload

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Learning resources

Required resources