Available in 2024
Course code

ECON1001

Units

10 units

Level

1000 level

Course handbook

Description

The Microeconomics for Business Decisions course examines how individual economic units (households and firms) make choices and interact in markets to determine prices and allocation of scarce resources.  This course introduces students to the core microeconomic concepts and principles to help them develop an understanding of issues of scarcity and choice and the constraints of economic agents. Additionally, it covers topics such as specialisation and exchange, market structures of perfect competition, monopoly, monopolistic competition and oligopoly, elasticity, costs of production, efficiency and government intervention, poverty, inequality and discrimination. The course also provides an understanding of the causes of market failure and how public policy can address these problems. By the end of this course, students will be well-equipped with the core microeconomic concepts and principles to describe and evaluate contemporary issues affecting households and businesses and make effective business decisions.


Availability2024 Course Timetables

Singapore PSB

  • Trimester 1 - 2024 (Singapore)
  • Trimester 3 - 2024 (Singapore)

Ourimbah

  • Semester 1 - 2024

Newcastle City Precinct

  • Semester 1 - 2024
  • Semester 2 - 2024

Learning outcomes

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

1. Effectively demonstrate and communicate their own understanding of foundational concepts in micro-economics.

2. Use this understanding to analyse relevant micro-economic issues about allocation decisions relating to real world challenges, such as evaluating the costs and benefits of managerial decision making and designing government policies to address social and environmental challenges.

3. Develop conceptual understanding and graphical techniques to analyse decision making by business managers and designers of government policy.


Content

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

  1. Economics of Life, Specialisation and Exchange
  2. Markets: Demand and Supply and market Equilibrium
  3. Elasticity
  4. Efficiency
  5. Government Intervention
  6. Game Theory and Strategic Thinking
  7. Information
  8. The Costs of Production
  9. Perfect Competition and Monopoly
  10. Monopolistic Competition and Oligopoly
  11. Externalties, Public Goods and Common Resources
  12. Poverty, Inequality and Discrimination

Assessment items

Online Learning Activity: Homework Exercises and online MCQ

In Term Test: In-Class Tests

Formal Examination: Final Examination


Contact hours

Trimester 1 - 2024 (Singapore) - Singapore PSB

Lecture-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

Semester 1 - 2024 - Ourimbah

Lecture-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

Semester 1 - 2024 - Newcastle City Precinct

Lecture-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 3 - 2024 (Singapore) - Singapore PSB

Lecture-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

Semester 2 - 2024 - Newcastle City Precinct

Lecture-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