Business Economics (6394.4)
|Level:||Undergraduate Second Year Level|
|Faculty:||Faculty of Business, Government & Law|
|Discipline:||School of Government & Policy|
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- Semester 2, 2015, ON-CAMPUS, BRUCE (139612) - View
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This unit is no longer offered. Information may be available for Units in the following years:
- Version 1 - Start Date: 22/07/2004 End Date: 31/12/2006
- Version 2 - Start Date: 01/01/2007 End Date: 31/12/2008
- Version 4 - Start Date: 01/01/2013 End Date: 31/12/2015
- Version 3 - Start Date: 01/01/2009 End Date: 31/12/2012
This unit provides an examination of the basic principles involved in economic analysis with particular reference to prices, resource allocation and the theory of the firm. Topics include fundamentals of supply and demand analysis; consumer equilibrium, production functions and analysis of short and long run costs of production; market structures - perfect competition, monopoly, oligopoly and monopolistic competition; pricing of factors of production; public policy and competition; market failure, welfare and public policy; resources, ecology and environmental issues.
On successful completion of this unit, students will be able to:
1. Analyse the issues of scarcity and trade-offs, and how the market makes decisions on these issues;
2. Explain how different factors affect the demand and supply for goods and services and the market equilibrium outcome;
3. Describe production function and understand how short run production function varies from long run production function;
4. Describe different market structures and explain the differences between them;
5. Understand externalities and use graphs to show how externalities affect economic efficiency.