|Year of offer||2019|
|Subject level||Undergraduate Level 1|
|Fees||Subject EFTSL, Level, Discipline & Census Date|
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
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
Eligibility and requirements
Core participation requirements
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
- 1-hour mid-semester test due approximately week 6 (20%)
- Assignment (1500 words) due approximately week 9 (30%)
- 2-hour end-of-semester examination (50%)
Dates & times
- Semester 2
Principal coordinator Ros Gall Mode of delivery On Campus — Dookie Contact hours 36 hours: 24 hours lectures, 12 hours tutorials Total time commitment 170 hours Teaching period 29 July 2019 to 27 October 2019 Last self-enrol date 9 August 2019 Census date 31 August 2019 Last date to withdraw without fail 27 September 2019 Assessment period ends 22 November 2019
Semester 2 contact information
Time commitment details
There are no specifically prescribed or recommended texts for this subject.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Diploma in General Studies
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.