Monash University Handbook 2011 Undergraduate - Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

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:

1. understand theoretical concepts, analytical techniques as well as practical decision-making mechanisms and policy debates as they relate to economics issues
2. understand the economic behaviour of individual consumers and producers and the cost of production in both the short and long runs
3. understand the determinants of price and output outcomes under different market structures in both the short and long runs and the welfare implications of these outcomes
4. understand virtues and shortcomings of free markets
5. understand remedies to overcome market failure.

Assessment

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

Contact hours

6.5 hours per week

Prohibitions

ECC1000, ECW1101, PMM2020, ECF1100