ECON71-100: Principles of Economics

Description

An introduction to economics for postgraduate students, with a focus on microeconomics. An overview of fundamental topics such as opportunity cost, trade-off, relative scarcity and marginal analysis are explained using contemporary issues including minimum wages, carbon taxes, competition policy and state ownership of monopolies. The underlying structure of macroeconomics is also included to provide a framework for understanding the economy as a whole and the news and policy that affects it.

Subject details

Type: Postgraduate Subject
Code: ECON71-100
EFTSL: 0.125
Faculty: Bond Business School
Semesters offered:
  • May 2022 [Standard Offering]
  • January 2023 [Standard Offering]
  • May 2023 [Standard Offering]
Credit: 10
Study areas:
  • Business, Commerce, and Entrepreneurship
Subject fees:
  • Commencing in 2022: $5,170.00
  • Commencing in 2023: $5,300.00
  • Commencing in 2022: $5,570.00
  • Commencing in 2023: $5,710.00

Learning outcomes

  1. Explain methods of resource allocation with reference to both efficiency and equity.
  2. Examine the principles of microeconomics and macroeconomics, including utility maximisation and the concept of equilibrium.
  3. Explain the role of individuals and businesses in different types of market structures, including perfect competition, monopolistic competition, monopoly, and oligopoly.
  4. Critically analyse economic situations using game theoretic techniques and the economics of asymmetric information.
  5. Critically evaluate regulatory and political environments' impact on business, making use of the concepts of market failure and public choice theory.
  6. Describe the effect of changes in macroeconomic indicators on business activity.

Enrolment requirements

Requisites:

Nil
Assumed knowledge:

Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.

Restrictions:

Anti-requisites:

Subject outlines

Subject dates

  • Standard Offering
    Enrolment opens: 20/03/2022
    Semester start: 16/05/2022
    Subject start: 16/05/2022
    Cancellation 1: 30/05/2022
    Cancellation 2: 06/06/2022
    Last enrolment: 29/05/2022
    Withdraw - Financial: 11/06/2022
    Withdraw - Academic: 02/07/2022
    Teaching census: 10/06/2022
  • Standard Offering
    Enrolment opens: 13/11/2022
    Semester start: 16/01/2023
    Subject start: 16/01/2023
    Cancellation 1: 30/01/2023
    Cancellation 2: 06/02/2023
    Last enrolment: 29/01/2023
    Withdraw - Financial: 11/02/2023
    Withdraw - Academic: 04/03/2023
    Teaching census: 10/02/2023
  • Standard Offering
    Enrolment opens: 19/03/2023
    Semester start: 15/05/2023
    Subject start: 15/05/2023
    Cancellation 1: 29/05/2023
    Cancellation 2: 05/06/2023
    Last enrolment: 28/05/2023
    Withdraw - Financial: 10/06/2023
    Withdraw - Academic: 01/07/2023
    Teaching census: 09/06/2023
Standard Offering
Enrolment opens: 20/03/2022
Semester start: 16/05/2022
Subject start: 16/05/2022
Cancellation 1: 30/05/2022
Cancellation 2: 06/06/2022
Last enrolment: 29/05/2022
Withdraw - Financial: 11/06/2022
Withdraw - Academic: 02/07/2022
Teaching census: 10/06/2022