ECON1001
10 units
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 microeconomics concepts and principles to develop an understanding f issues of scarcity and choice and the constraints to economic agents; 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 explores the causes of market failure and how public policy can address these problems. By the end of this course students will be equipped with a solid understanding of the core micro-economic concepts and principles to describe and evaluate contemporary issues face households and businesses to make effective business decisions.
Availability2021 Course Timetables
Ourimbah
- Semester 1 - 2021
Newcastle City Precinct
- Semester 1 - 2021
- Semester 2 - 2021
PSB Singapore
- Trimester 3 - 2021 (Singapore)
- Trimester 2 - 2021 (Singapore)
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:
- Economics of Life, Specialisation and Exchange
- Markets: Demand and Supply and market Equilibrium
- Elasticity
- Efficiency
- Government Intervention
- Game Theory and Strategic Thinking
- Information
- The Costs of Production
- Perfect Competition and Monopoly
- Monopolistic Competition and Oligopoly
- Externalties, Public Goods and Common Resources
- Poverty, Inequality and Discrimination
Assessment items
Online Learning Activity: Homework Exercises and online MCQ (20%)
In Term Test: In-Class Tests (30%)
Formal Examination: Final Examination
Contact hours
Ourimbah
Lecture
Face to Face On Campus 2 hour(s) per Week for Full Term 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
Face to Face On Campus 1 hour(s) per Week for Full Term starting in week 1
Newcastle City Precinct
Lecture
Face to Face On Campus 2 hour(s) per Week for Full Term 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
Face to Face On Campus 1 hour(s) per Week for Full Term starting in week 1
PSB Singapore
Lecture
Face to Face On Campus 2 hour(s) per Week for Full Term 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
Face to Face On Campus 1 hour(s) per Week for Full Term starting in week 1
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.