ECM1953 · Principles of economics

Overview

This unit explores: Microeconomics: scarcity, economic choice, economic systems, demand and supply analysis, elasticity, costs of production and profit-maximisation, perfect competition, monopoly, monopolistic competition and oligopoly, and government policy-implications on market outcomes. Macroeconomics: aggregate demand and aggregate supply, the money market and monetary policy, the government budget deficit and fiscal policy, determination of interest rates, inflation rates, unemployment, foreign currency exchange rates, and the balance of payments.

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. employ the principles of demand and supply to determine equilibrium prices, quantities and profits across various market structures
2. analyse the effects of changes in exogenous factors on prices and quantities, market efficiency, and international trade
3. collect and analyse secondary data on macroeconomics variables to examine the effects of government policy changes on an economy
4. examine the determinants of interest rates and foreign currency exchange rates in the global market.

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.