BUS104 Microeconomics

Unit outline

Important Update: Our aim is to provide you with an optimal learning experience, regardless of how this unit is delivered. Teaching will be delivered in line with the most current COVID Safe health guidelines.  This may include a mix of online and face-to-face.  Please check the learning management system for announcements and updates. Thank you for your flexibility and commitment to studying with Sydney Institute of Higher Education. 
Enrolment modes: Year 1, Semester 1
Credit point(s): 12.5
EFTSL value: 0.125
Prerequisite: Nil
Typical study commitment: Students will on average spend 10 hours per week over the teaching period undertaking the teaching, learning and assessment activities for this unit.
Scheduled learning activities: 4 timetabled hours per week, 6 personal study hours per week

Unit description 

This unit is designed to provide students with a strong understanding of economic fundamentals to solve real-world problems. Students will be exposed to a range of theories, concepts and models in microeconomics. They will gain theoretical knowledge of resource allocation, supply and demand, elasticity, market efficiency, externalities, and the role of individual and businesses in market structures, by looking into real applications.

Unit learning outcomes (ULO)   

  On the successful completion of this units student will be able to:
ULO1 Outline how households and firms make decisions and how they interact in markets by using graphical representation.
ULO2 Understand the concepts of demand, supply and elasticity to describe how markets work.
ULO3 Explain the consumer and producer surplus, the market efficiency and the economic impact of taxes.
ULO4 Define externalities and public goods and explain the reasons of market inefficiency.
ULO5 Understand a firm’s behaviour in competitive markets and discern the nature of monopoly.

Topics to be included in the unit

1. Principles of economics
2. Supply, demand and market
3. Elasticity
4. Government policies
5. Markets and welfare
6. Costs of taxation and international trade
7. Externalities, public goods and common resources
8. Design of tax systems
9. Costs of production
10. Competitive markets and monopoly
11. Monopolistic competition and oligopoly
12. Frontiers of microeconomics


Assessment Description Grading and weighting
(% total mark for unit)
Indicative due week
Assessment 1: Class Participation 10% 12
Assessment 2: Individual Assignment 20% 7
Assessment 3: Group Assignment 20% 12
Assessment 4: Final Exam 50% Final exam week


The assessment due weeks provided may change. Your lecturer will clarify the exact assessment requirements, including the due date, at the start of the teaching period.