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.
This subject reviews the contemporary microeconomic principles in the context most relevant to business people. Market processes, demand patterns, cost structures, market conditions, pricing policies, and the impact of regulation on business decisions are discussed. Cases and problems from the prescribed text, Australian media, and online resources illustrate how economic concepts can be applied to specific industries. Analytical techniques and quantitative tools link the concepts to measurement and managerial decision-making.
The learning goals associated with this unit are to:
- understand how do markets work
- understand how do customers value products
- understand which production and cost measures are relevant for decision making
- understand how does competition affect business decisions on investment, production, and pricing in different market structures
- understand how important to managerial and marketing decisions are changes in foreign exchange rates, technology, incomes, government regulations, sources of energy, the balance of payments
- demonstrate in individual summative assessment tasks the acquisition of a comprehensive understanding of the topics covered in this unit.
Within semester assessment: 40% + Examination: 60%
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
Students must have passed ECW1101 or ECG1101 before undertaking this unit.