ECF1100

Microeconomics

(BUS)

Dr Rebecca Valenzuela and Associate Professor Ian Ward

6 points + 3 hours per week + First and second semester (Caulfield) + Second semester (OCDL)+ Prohibition: ECF2100

Synopsis: Economics as an area of knowledge. Economics in a business degree. Understanding economic policy. An analysis of markets: supply and demand; consumer behaviour; firm behaviour; cost of production and profit maximisation; behaviour of firms in different market structures; evaluation of market capitalist economic systems, economic efficiency, market failure, government failure; current economic policies, competition policy, privatisation and the funding of education.

Assessment: on-campus (assignment 5%; mid-semester test 20%; tutorial work 15%; 2-hour examination 60%): 100% + Distance (1500 word assignment 30%; 2-hour examination 70%): 100%