Undergraduate - UnitECC1000 - Principles of microeconomics

This unit entry is for students who completed this unit in 2013 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

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Level	Undergraduate
Faculty	Faculty of Business and Economics
Organisational Unit	Department of Economics
Offered	Clayton First semester 2013 (Day) Sunway First semester 2013 (Day) Clayton Second semester 2013 (Day) Sunway Second semester 2013 (Day)
Coordinator(s)	Professor Stephen King (Clayton, First semester)

Synopsis

The nature and scope of economics; different economic systems; economic policy analysis and evaluation; main bodies of economic thought; examples of household, business and government economic decision problems; consumer choice, product demand and factor supply; enterprise choice, product supply and factor demand; market analyses of contemporary issues; competitive market long run equilibrium; market power; market failure and concerns for efficiency and equity; government involvement in the Australian economy.

Outcomes

The learning goals associated with this unit are to:

be familiar with the 'economic way of thinking' about a broad range of individual, business and government choices and decisions
apply economic principles to explain and analyse Australian economic institutions, economic decisions and performance
make informed and critical assessment and criticism of the public debate on many economic policy issues
proceed to the study of other economics units which have an introduction to microeconomics as a prerequisite.

Assessment

Within semester assessment: 40%
Examination: 60%

Chief examiner(s)

Professor Stephen King (First semester)
Professor Philip Grossman (Second semester)

Contact hours

3 hours per week

Co-requisites

Students must be enrolled in one of the following courses to undertake this unit: 0023, 0169, 0170, 0179, 0542, 0546, 0548, 1185, 1319, 1320, 1469, 2015, 2016, 2017, 2026, 2630, 3050, 3176, 3178, 3804, 3805, 3823, 3830, 3834, 4097, 4403, 4410, 4417, 4419, 4425, 4428, 4615 or 4097.