Microeconomics for Business Decisions

Course code ECON1001
Available in 2016
2016 Course Timetables

Description

The study of micro-economics is essential for understanding how decision are made across a multitude of areas that are highly relevant to the student and to the wider world. The microeconomic principles covered in this course apply to both the individual and the firm, as students are introduced to economic analysis and its applications in topics such as: Consumer-Choice, Competition, International Trade and Finance, Market Forces, Market Failures, Public Policy, Poverty and Welfare.

The course also addresses contemporary public policy issues such as pollution, resource depletion, provision of public goods and services, rental controls, minimum wages, and taxes and subsidies. It is designed for students with varied academic background and its low mathematics requirement allows students to be able to full grasp and apply the material. The course develops the students¿ ability to critically analyze economic events at the local, national and international scale.

By the end of the course, successful students will be equipped with the tools of economics and prepared to address economic problems in their day-to-day lives, industry, politics, society, and the environment.

Availability

UoN Singapore

  • Trimester 1 - 2016 (Singapore)

Ourimbah

  • Semester 1 - 2016

Callaghan

  • Semester 1 - 2016
  • Semester 2 - 2016

Learning Outcomes

On successful completion of the course students will be able to:

1. Analyse relevant issues including personal affairs, politics, society, and global issues.

2. Demonstrate up to date knowledge about economic concepts and be able to apply and experiment with this knowledge within a collaborative learning environment.

3. Employ conceptual and graphical techniques to support economic discussions analysis, and policy.

Content

Lectures may include, but are not restricted to, the following topics:

  1. What is economics about? Production and Possibility Frontier
  2. Supply and Demand Theory
  3. Applications: Supply, Demand, Price
  4. Elasticity, Consumer Choice and Behavioural Economics
  5. Production and Costs
  6. Competition and Perfect Competition
  7. Monopoly and Monopolistic Competition
  8. Factor Markets, Wages, Labor and Unions
  9. Income, Poverty, Interest, Rent and Profit
  10. Market Failures
  11. Public Choice and Special Interest
  12. International Trade and Finance
  13. Economic Theory and Every Day Life

Assessment Items

Quiz: Online Tests Weeks 3-7

Quiz: Online Tests Weeks 8-13

Formal Examination: Final Examination

Contact Hours

Callaghan, Ourimbah and UoN Singapore

Lecture

Face to Face On Campus 2 hour(s) per Week for Full Term

Tutorial

Face to Face On Campus 1 hour(s) per Week for 12 Weeks

Workshop

Face to Face On Campus 1 hour(s) per Week for 12 Weeks