Foundations of Microeconomics (9518.1)

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.

Graduate attributes

1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
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
3. UC graduates are lifelong learners - evaluate and adopt new technology

Corequisites

None.

Incompatible units

6355 Introduction to Economics

Equivalent units

No

Assumed knowledge

None.