Undergraduate - UnitECP1100 - 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	Peninsula First semester 2013 (Day)
Coordinator(s)	Dr Andreas Leibbrandt

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 theoretical concepts, analytical techniques as well as practical decision-making mechanisms and policy debates as they relate to economics issues
understand the economic behaviour of individual consumers and producers and the cost of production in both the short and long runs
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
understand virtues and shortcomings of free markets
understand remedies to overcome market failure.