ECC1000

Economics

Associate Professor Ian Ward

6 points
* Two 1-hour lectures and one 1-hour tutorial per week
* First and second semester
* Clayton

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: 10%
* Class test: 15%
* Examination (2.5 hours): 50%

Recommended texts

Waud R, Maxwell P, Hocking A, Bonnici J and Ward I Microeconomics Longman, 1997