ECC1000 · Principles of microeconomics

Overview

This unit introduces the core principles of microeconomics and how they explain decision-making by individuals, firms and governments. You will learn key tools such as supply, demand and market equilibrium, and apply them to everyday economic situations. The unit then examines consumer behaviour, firm production and cost decisions, and how different market structures shape prices, output and strategic choices. You will also be introduced to more advanced topics, including consumer choice theory, behavioural economics and game theory. Throughout the unit, you will use economic reasoning and graphical analysis to interpret real-world issues—such as policy design, inequality and global market differences—developing skills for evidence-based decision-making in business and economics.

Offerings

Assessment

The Handbook lists an examination for this unit.

Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.

Requisites

Learning outcomes

1. FIRST SEMESTER: understand the 'economic way of thinking' about a broad range of individual, business and government choices and decisions SECOND SEMESTER: apply economic concepts to analyse how individuals, firms and governments make economic decisions in competitive and non-competitive market contexts
2. FIRST SEMESTER: apply economic principles to explain and analyse economic institutions, economic decisions and performance SECOND SEMESTER: use graphical and quantitative tools to evaluate how markets allocate resources and how prices adjust in response to economic shocks and policy interventions
3. FIRST SEMESTER: recognise regulatory and political environments and how they impact on business. SECOND SEMESTER: communicate economic insights clearly and professionally, using appropriate economic concepts and evidence in diverse real-world contexts
4. SECOND SEMESTER: evaluate the equity, efficiency, ethical and societal implications of economic decisions in real-world contexts
5. SECOND SEMESTER: contribute problem-solving ideas in a team setting.

Workload

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.

Student experience, not official rules. Nothing here changes what the Handbook says.