Monash University Handbook 2010 Undergraduate - Unit

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.

Objectives

The learning goals associated with this unit are to:

• understand the economic behaviour of individual consumers and producers
• understand concepts relating to the cost of production in both the short and long run
• explain the determinants of price and output outcomes under different market structures in both the short and long run and the welfare implications of these outcomes
• describe the virtues and shortcomings of free markets
• have knowledge of remedies to overcome market failure.

Assessment

Within semester assessment: 50%, Examination (2 hours): 50%

Chief examiner(s)

Chongwoo Choe

Contact hours

3 hours per week

Prohibitions

ECC1000, ECP1100, ECW1101, PMM2020