ECON2001
10 units
2000 level
Course handbook
Description
Intermediate microeconomics expands on the concepts and ideas developed in the previous subject (ECON1001), building applicable models and tools for empirical analysis. Students are introduced to microeconomic models of the market including the individual decision- maker, the household and the firm in order to measure and understand market forces, constraints and failures. Additionally, students analyse the impact of Market Failure, Behavioural Economics, Public Policy, Market Power, Poverty and Welfare. By the end of the course, students should have an intermediate (i.e., more advanced) understanding of economic models and how to apply them to a number of important economic problems, from business, industry, politics, society and the environment. This course is designed for students who have successfully completed introductory economics (ECON1001). ECON2001 extends microeconomic principles to analyse and model economic events at the local, national and international levels. While the mathematics requirement for this course is not advanced, basic math is essential to be able to fully grasp and apply the material. This subject is the entry point into the study of the more advanced economic specialisations such as behavioural and experimental economics, industrial organisation, labour economics, health economics, property economics and game theory.
Availability2024 Course Timetables
Newcastle City Precinct
- Semester 1 - 2024
Singapore PSB
- Trimester 2 - 2024 (Singapore)
Learning outcomes
On successful completion of the course students will be able to:
1. Critically assess traditional approaches to theories of consumer and producer behaviour, market structure theories and have insights into alternate perspectives.
2. Apply microeconomic concepts to inform business decisions and governance in the workplace and develop an appreciation of synergies with other disciplines.
3. Demonstrate a proficiency in utilising numerical and graphical techniques.
4. Apply microeconomic theory to explain and inform real world economic events and debates.
Content
This course may include but is not limited to the following topics:
- Economic Models.
- Utility, Choice and Demand.
- Market Structures.
- Uncertainty.
- Game Theory.
- Production, Costs and Supply.
- General Equilibrium and Welfare
- Market Failures.
- Behavioural Economics.
Requisite
Students must have successfully completed ECON1001.
Assessment items
In Term Test: Take Home Exam 1
In Term Test: Take Home Exam 2
Formal Examination: Formal Exam
Contact hours
Semester 1 - 2024 - Newcastle City Precinct
Integrated Learning Session-1
- Face to Face On Campus 2 hour(s) per week(s) for 13 week(s) starting in week 1
- Students are expected to complete 4 hours of guided learning via online preparation prior to weekly workshops and then undertake an additional 6 hours of independent study per week that may include discussion groups or self-directed learning.
Workshop-1
- Face to Face On Campus 1 hour(s) per week(s) for 13 week(s) starting in week 1
Trimester 2 - 2024 (Singapore) - Singapore PSB
Integrated Learning Session-1
- Face to Face On Campus 2 hour(s) per week(s) for 13 week(s) starting in week 1
- Students are expected to complete 4 hours of guided learning via online preparation prior to weekly workshops and then undertake an additional 6 hours of independent study per week that may include discussion groups or self-directed learning.
Workshop-1
- Face to Face On Campus 1 hour(s) per week(s) for 13 week(s) starting in week 1
Course outline
- ECON2001 - Semester 1, 2024 (Ncle) (PDF, 242.7 KB)
The University of Newcastle acknowledges the traditional custodians of the lands within our footprint areas: Awabakal, Darkinjung, Biripai, Worimi, Wonnarua, and Eora Nations. We also pay respect to the wisdom of our Elders past and present.