ECC1000 - Principles of microeconomics

Overview

This unit provides you with an introduction to microeconomics. You will be given the tools to understand basic economic ideas and to apply your 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

S2-01-CLAYTON-ON-CAMPUS

Requisites

Prohibition

Rules

Enrolment Rule

If you are enrolled in course B2007 you cannot undertake this unit.

To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.

Contacts

Chief Examiner(s)

Dr Xiaodong Fan

Mallory Avery

Unit Coordinator(s)

Mallory Avery

Professor Andreas Leibbrandt

Guillaume Roger

Professor Zhijun Chen

Dr Xiaodong Fan

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.

Teaching approach

Active learning

Assessment

1 - Within semester assessment

2 - Examination

Scheduled and non-scheduled teaching activities

Workshops

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. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.

Learning resources

Required resources