Business Economics (6394.4)
Please note these are the 2014 details for this unit
| Available teaching periods | Delivery mode | Location |
|---|---|---|
| View teaching periods | ||
| EFTSL | Credit points | Faculty |
| 0.125 | 3 | Faculty Of Business, Government & Law |
| Discipline | Study level | HECS Bands |
| Canberra School Of Politics, Economics And Society | Level 2 - Undergraduate Intermediate Unit | Band 4 2021 (Commenced After 1 Jan 2021) Band 4 2021 (Commenced After 1 Jan Social Work_Exclude 0905) Band 5 2021 (Commenced Before 1 Jan 2021) |
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.
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.
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - take pride in their professional and personal integrity
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - be self-aware
Learning outcomes
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.
Graduate attributes
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - take pride in their professional and personal integrity
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - be self-aware
Prerequisites
Introduction to Economics.| Year | Location | Teaching period | Teaching start date | Delivery mode | Unit convener |
|---|
Not available
Required texts
Required Text: Hubbard, G., A. Garnett, P. Lewis, and T. O'Brien (2015) Microeconomics, 3E, Pearson Education Australia.
The text is available from the Co-op Bookstore.
Additional references:
McTaggart, D., C. Findlay and M. Parking (2010),Microeconomics, Pearson Education Australia.
Taylor, J. and L. Frost (2009),Microeconomics,John Wiley and Sons.
Participation requirements
There is 5% allocated to tutorial participation. This requires students to contribute to tutorial discussions by asking and answering questions. Students who don't attend tutorials will forfeit the tutorial participation mark.
Required IT skills
None
Work placement, internships or practicums
Not Applicable
