Undergraduate - UnitECF1100 - 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.

print version

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	Berwick First semester 2013 (Day) Caulfield First semester 2013 (Day) Caulfield Second semester 2013 (Day)
Coordinator(s)	Dr George Rivers (Caulfield), Associate Professor Lionel Frost (Berwick)

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.

Outcomes

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.