ENV416F

Introduction to economics

(ART)

Associate Professor Ian Wills

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

Synopsis: Scarcity and social coordination in economic systems. The concepts of demand, costs, and supply. Markets and price determination and the concept of market power. Interactions between the economy and the environment. Costs of market exchange as a barrier to coordination of natural resource use by 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%