Authorised by Academic Registrar, April 1996
Objectives On completion of this subject students should be familiar with the `economic way of thinking' about a broad range of individual, business and government choices and decisions; able to apply economic principles to explain and analyse Australian economic institutions, economic decisions and performance; able to make informed and critical assessment and criticism of the public debate on many economic policy issues; able to proceed to the study of other economics subjects which have an introduction to microeconomics as a prerequisite.
Synopsis The nature and scope of economics; different economic systems; economic policy analysis and evaluation; main bodies of economic thought and the role of ideology; 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; assessment of selected current examples of government involvement in the Australian economy.
Assessment Essay (1500 words): 20% + Assignment (200 words): 5% + Participation: 5% + Class test: 10% + Examination (2 hours): 60%