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
| 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.