Microeconomics for Business Decisions
|Course code ECON1001||Units 10||Level 1000||Faculty of Business and LawNewcastle Business School|
The study of Economics is essential for informing business decisions and public policy choice. This course applies microeconomic principles and tools to the management of firms, including both small price-taker firms as well as large dominant firms with market power. You will develop an understanding of the economic and political environment in which firms operate and begin to think strategically about firm-to-firm, firm-to-consumer, and firm-to-government interactions.
Concepts that assist managers to operate strategically include learning about market failure, pricing strategies, cooperative behaviour, decision-making under uncertainty, reactions to competitors and government intervention. Also examined are the underlying reasons for the existence of cartels, collusion, price discrimination, regulation, and trade barriers.
The course also addresses contemporary public policy issues that impact on firms, such as pollution, resource depletion, provision of public goods and services, rental controls, minimum wages, and taxes and subsidies. Designed for students from varied academic backgrounds, the course develops both communication and critical analysis attributes allowing you to evaluate numerous day-to-day economic events at the local, national and international scale.
Available in 2014
|Objectives||On successful completion of this course you will be able to: |
1. Utilise microeconomic theory and models to critically assess firm performance and government policy.
2. Apply microeconomic concepts to inform business decisions in the workplace and develop an integrated understanding of other business orientated subjects.
3. Connect the study of economics to global, political, social and environmental contexts.
4. Employ both numerical and graphical techniques to support economic analysis.
5. Engage effectively in oral and written communication appropriate to both context and audience.
|Content||Lectures may include, but are not restricted to, the following topics:|
1. Economic methodology in decision making, opportunity cost
2. Consumers demand analysis
3. Firms' production decisions: inputs and costs
4. Characteristics and types of markets, eg. product markets, imperfect markets, capital and labour markets.
5. Market failures, public goods and regulation
6. Microeconomic debates over public policy
|Transition||This course is not available to students who have successfully completed ECON1100|
|Assumed Knowledge||There is no assumed knowledge requirement|
|Modes of Delivery||Internal Mode|
|Contact Hours||Tutorial: for 1 hour(s) per Week for 12 weeks|
Lecture: for 2 hour(s) per Week for Full Term
Workshop: for 1 hour(s) per Week for 12 weeks
|Timetables||2014 Course Timetables for ECON1001|