Foundations of Microeconomics (9518.1)

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Unit Outlines

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• Flexible and Self Paced Period 11, 2016, SELF-PACED, BRUCE (149979) - View
• Flexible and Self Paced Period 10, 2016, SELF-PACED, BRUCE (150165) - View
• Flexible and Self Paced Period 9, 2016, SELF-PACED, BRUCE (150317) - View
• Semester 2, 2016, ONLINE, BRUCE (152159) - View
• Flexible and Self Paced Period 8, 2016, SELF-PACED, BRUCE (150468) - View
• Flexible and Self Paced Period 7, 2016, SELF-PACED, BRUCE (150556) - View
• Winter Term, 2016, ONLINE, BRUCE (152650) - View
• Flexible and Self Paced Period 6, 2016, SELF-PACED, BRUCE (152802) - View
• Flexible and Self Paced Period 5, 2016, SELF-PACED, BRUCE (152939) - View
• Flexible and Self Paced Period 4, 2016, SELF-PACED, BRUCE (153040) - View
• Flexible and Self Paced Period 3, 2016, SELF-PACED, BRUCE (153188) - View
• Semester 1, 2016, ONLINE, BRUCE (154957) - View
• Flexible and Self Paced Period 2, 2016, SELF-PACED, BRUCE (153360) - View
• Flexible and Self Paced Period 1, 2016, SELF-PACED, BRUCE (153480) - View
• Flexible and Self Paced Period 12, 2015, SELF-PACED, BRUCE (138386) - View
• Summer Semester 2015/16, ONLINE, BRUCE (155418) - View
• Flexible and Self Paced Period 11, 2015, SELF-PACED, BRUCE (138385) - View
• Flexible and Self Paced Period 10, 2015, SELF-PACED, UC-COOMA (155939) - View
• Flexible and Self Paced Period 10, 2015, SELF-PACED, BRUCE (138384) - View
• Flexible and Self Paced Period 9, 2015, SELF-PACED, BRUCE (138394) - View
• Flexible and Self Paced Period 8, 2015, SELF-PACED, BRUCE (138393) - View
• Semester 2, 2015, ONLINE, BRUCE (146615) - View
• Flexible and Self Paced Period 7, 2015, SELF-PACED, BRUCE (138392) - View
• Winter Term, 2015, ONLINE, BRUCE (146616) - View
• Flexible and Self Paced Period 6, 2015, SELF-PACED, BRUCE (138391) - View
• Flexible and Self Paced Period 5, 2015, SELF-PACED, BRUCE (138390) - View
• Flexible and Self Paced Period 4, 2015, SELF-PACED, BRUCE (138389) - View

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Syllabus

The purpose of this unit is to provide a basic understanding of the principles of microeconomics. At its core, the study of economics deals with the choices and decisions that have to be made in order to manage scarce resources available to us. Microeconomics is the branch of economics that pertains to decisions made at the individual level, i.e. by individual consumers or individual firms, after evaluating resources, costs, and trade-offs.

Learning Outcomes

On successful completion of this unit, students will be able to:

1. Think intuitively about economic problems;

2. Identify how individual economic agents make rational choices given scarce resources and will know how to optimise the use of resources at hand;

3. Understand some simplistic economic models related to Production, Trade, and the Circular Flow of Resources;

4. Analyse and apply the mechanics of Supply and Demand for Individuals, Firms, and the Market;

5. Apply the concept of Elasticity as a measure of responsiveness to various variables;

6. Identify the characteristic differences amongst various market structures, namely, Perfectly Competitive Markets, Non-Competitive Markets, and Imperfectly Competitive Markets and understand the differences in their operation; and

7. Analyse how the Supply and Demand technique works for the Resource Markets.

Assessment Items

Contact Hours

150 learning hours in online self-paced mode.

Prerequisites

None

Corequisites

None

Assumed Knowledge

None

Incompatible Units

6355 Introduction to Economics

Equivalent Units

No