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Introductory Economics (ECON10006)

Undergraduate level 1Points: 12.5On Campus (Dookie)

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Overview

Availability
Semester 2
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This subject introduces students to the theory of microeconomics. It will consider the operation of a market economy and the problem of how best to allocate society's scarce resources. The course considers the way in which various decision making units in the economy (individuals and firms) make their consumption and production decisions and how these decisions are coordinated. It considers the laws of supply and demand, and introduces the theory of the firm, and its components, production and cost theories and models of market structure. The various causes of market failure are assessed, and consideration is given to public policies designed to correct this market failure. This subject will use the agriculture sector as a case study focusing on the place of agriculture within the Australian economy, and exploring the impact of supply and demand, government policy and international trade on the sector.

Intended learning outcomes

On completion of this subject students will have gained an understanding of:

  • The concept of scarcity and marginal analysis
  • The basic economic forces affecting decision making by firms and consumers
  • The role of supply and demand in determining price
  • How market failure, in the form of externalities and common property rights affects the market
  • Inter-relationship between different components in an economy
  • The role and impact of government (policy) in the economy
  • The theory of international trade, importance of trade in the economy and the impact of trade and economic policies on world trade

Generic skills

This subject encompasses particular generic skills so that on completion of the subject students should have developed skills relating to:

  • The use of electronic forms of communication
  • The student's flexibility and level of transferable skills should be enhanced through improved time management
  • Working collaboratively with other students
  • Problem solving and critical thinking
  • Enhanced ability to communicate their ideas effectively in both written and verbal formats
  • Accessing information from the library via both electronic and traditional means

Last updated: 8 November 2024