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 2024 [Standard Offering]
  • January 2025 [Standard Offering]
  • May 2025 [Standard Offering]
Credit: 10
Study areas:
  • Business, Commerce, and Entrepreneurship
Subject fees:
  • Commencing in 2024: $5,410.00
  • Commencing in 2025: $5,520.00
  • Commencing in 2024: $6,060.00
  • Commencing in 2025: $6,340.00

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:

Subject outlines

Subject dates

Standard Offering
Enrolment opens: 17/03/2024
Semester start: 13/05/2024
Subject start: 13/05/2024
Last enrolment: 26/05/2024
Teaching census: 07/06/2024
Withdraw - Financial: 08/06/2024
Withdraw - Academic: 29/06/2024
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