6 points, SCA Band 3, 0.125 EFTSL
Undergraduate - Unit
Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.
Associate Professor He-Ling Shi (First semester)
Dr George Rivers (Second semester)
Economics as an area of knowledge. Economics in a business degree. Understanding economic policy. An analysis of markets: supply and demand; consumer behaviour; firm behaviour; cost of production and profit maximisation; behaviour of firms in different market structures; evaluation of market capitalist economic systems, economic efficiency, market failure, government failure; current economic policies, competition policy, privatisation and the funding of education.
The learning goals associated with this unit are to:
- understand the economic behaviour of individual consumers and producers
- understand concepts relating to the cost of production in both the short and long run
- explain the determinants of price and output outcomes under different market structures in both the short and long run and the welfare implications of these outcomes
- describe the virtues and shortcomings of free markets
- have knowledge of remedies to overcome market failure.
Within semester assessment: 50% + Examination: 50%
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
See also Unit timetable information