units

ECF1100

Faculty of Business and Economics

18 September 2017 22 November 2024

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This unit entry is for students who completed this unit in 2016 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.

Monash University

6 points, SCA Band 3, 0.125 EFTSL

Undergraduate - Unit

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

Faculty

Business and Economics

Organisational Unit

Department of Economics

Coordinator(s)

Dr George Rivers and Dr James Bugden (Semester 1), Professor Chongwoo Choe (Semester 2)

Offered

Caulfield

  • First semester 2016 (Day)
  • Second semester 2016 (Day)

City (Melbourne)

  • Trimester A 2016 (Day)
  • Trimester B 2016 (Day)
  • Trimester C 2016 (Day)

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:

  1. understand the economic behaviour of individual consumers and producers
  2. understand concepts relating to the cost of production in both the short and long run
  3. 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
  4. describe the virtues and shortcomings of free markets
  5. have knowledge of remedies to overcome market failure.

Assessment

Within semester assessment: 50%
Examination: 50%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

See also Unit timetable information

Chief examiner(s)

Dr George Rivers (Semester 1), Professor Chongwoo Choe (Semester 2)

Prohibitions

ECB1101, ECC1000, ECG1101, ECP1100, ECS1101, ECW1101, PMM2020