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 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:
- 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
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
- ECON1001 - Semester 2, 2023 (Newcastle) (PDF, 257.0 KB)
- ECON1001 - Semester 1, 2024 (Newcastle) (PDF, 292.5 KB)
- ECON1001 - Semester 1, 2024 (Ourimbah) (PDF, 292.5 KB)
- ECON1001 - Trimester 1, 2024 (Singapore) (PDF, 255.1 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.