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Course details
This introductory course in economics covers basic microeconomic theory, and an introduction to macroeconomic goals and tools. Examples of the application of the theory within the context of the contemporary Australian economy and internationally are provided. The methodology of economic analysis (the scientific method) is explained at the outset. The course then explains the theory of demand and supply, elasticity and how prices of goods and services and the cost and revenue curves are determined. This is followed by the explanation of the four market structures: perfect competition, monopoly, monopolistic and oligopoly and how wages are set and income distributed in the factor market. The course critically examines why government intervention is necessary in order to correct market failure and achieve allocative and productive efficiency. Finally, the goals and tools of macroeconomics are introduced and their application in development of monetary and fiscal policy is discussed.
Course at a glance
| Career: | Undergraduate |
| Credit points: | 6 |
| Requisites: | This course has no pre/co-requisites |
| Student Contribution Band: | 3A |
| EFTSL: | 0.12500 |
Course availability
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