Faculty of Business and Economics

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Monash University

Monash University Handbook 2011 Postgraduate - Unit

6 points, SCA Band 3, 0.125 EFTSL

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

FacultyFaculty of Business and Economics
OfferedClayton First semester 2011 (Day)
Clayton Second semester 2011 (Day)
Australia (Other) First semester 2011 (Off-campus block of classes)
Coordinator(s)Dr Jingfeng Lu (First semester)


The behaviour of the economy is the result of a host of decisions made each day by millions of people. Prices and markets play a crucial role in economic behaviour, creating a system in which actions of individuals, guided by self-interest and without any central co-ordination or planning, create wealth for society as a whole. How individual workers, households and firms make decisions, and how they interact with each other, is the subject of microeconomics.


The learning goals associated with this unit are to:

  1. understand how markets work, and how prices work to allocate resources
  2. understand the basic principles of how people make economic decisions, how they interact economically, and how the economy as a whole works
  3. understand the role of public policy, and the constraints on its operation, when markets fail
  4. understand how firms are organized and make decisions
  5. have developed learning skills and begun to acquire the techniques of thinking like an economist
  6. have sufficient grounding to attempt advanced studies in microeconomics in subsequent years.


Within semester assessment: 30%
Examination (2 hours): 70%

Chief examiner(s)

Jingfeng Lu (Semester 1)
Elias Khalil (Semester 2)

Contact hours

3 hours per week


ECC2000, ETC2000