ECON1001
10 units
1000 level
Course handbook
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 analyse 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.
Availability2019 Course Timetables
PSB Singapore
- Trimester 2 - 2020 (Singapore)
- Trimester 1 - 2020 (Singapore)
Ourimbah
- Semester 1 - 2020
Newcastle City Precinct
- Semester 1 - 2020
- Semester 2 - 2020
Learning outcomes
On successful completion of the course students will be able to:
1. Analyse relevant microeconomic issues relating to politics, society, and global issues.
2. Apply contemporary knowledge about economic concepts and apply this knowledge within a collaborative learning environment.
3. Employ conceptual and graphical techniques to support economic decisions and policy.
4. Analyse how economics can be used to help assist managerial decision making .
Content
Lectures may include, but are not restricted to, the following topics:
- What is economics about? Production and Possibility Frontier
- Supply and Demand Theory
- Applications: Supply, Demand, Price
- Elasticity, Consumer Choice and Behavioural Economics
- Production and Costs
- Competition and Perfect Competition
- Monopoly and Monopolistic Competition
- Factor Markets, Wages, Labor and Unions
- Income, Poverty, Interest, Rent and Profit
- Market Failures
- Public Choice and Special Interest
- International Trade and Finance
- Economic Theory and Every Day Life
Assessment items
Quiz: Group Multiple Choice Activity
Essay: Individual Essay on Contemporary Microeconomic Topic
In Term Test: Mid-semester Test
Formal Examination: Final Examination
Contact hours
Ourimbah, Newcastle City Precinct and PSB Singapore
Workshop
Face to Face On Campus 2 hour(s) per Week for Full Term
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.