ENV416F

Introduction to economics

(ART)

Associate Professor Ian Wills

4 or 6 points + 2 hours per week + Second semester + Clayton

Synopsis: The economic concept of scarcity and the consequent need for social coordination in resource use, market and central planning systems of coordination. The economic concepts of demand, costs, supply and market power. Market and price determination. The costs of market exchange. Interactions between the economy and the environment. Environmental problems as the result of a lack of market signals about, and incentives to respond to, other people0s concerns about use of the natural environment. Costs of market exchange as a barrier to market signals and incentives. Government planning as an alternative signalling and incentive system.

Assessment: 4 points: pre-1998 students - Written assignment (1000 words): 30% + Essay (750 words): 20% + Examination (100 minutes) 50%. 6 points: post-1998 students - Written assignment (1500 words): 30% + Essay (1250 words): 20% + Examination (2 hours) 50%