Faculty of Business and Economics

Monash University

Postgraduate - Unit

This unit entry is for students who completed this unit in 2012 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

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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, or view unit timetables.

FacultyFaculty of Business and Economics
OfferedClayton First semester 2012 (Day)
Clayton Second semester 2012 (Day)
Coordinator(s)Professor Klaus Abbink (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)

Professor Klaus Abbink (semester 1)
Professor Nichloas Feltovich (semester 2)

Contact hours

3 hours per week


ECC2000, ETC2000