ECON 1002 Consumers, Firms and Markets (WSTC)

This is an archived copy of the 2021-2022 catalog. To access the most recent version of the catalog, please visit https://hbook.westernsydney.edu.au.

Credit Points 10

Legacy Code 700249

Coordinator Abdullah Al Aabed Opens in new window

Description This unit is an introduction to microeconomics. It provides students with an understanding of basic concepts such as value, rational consumer behaviour, the behaviour of firms in various market structures, the efficiency and failings of markets, the distribution of wealth and income, and the role of government regulation and intervention. It illuminates these concepts by considering and debating their application to contemporary economic and social issues such as: the influence of marketing on consumer choices, the concentration of market power in Australian industries, rising income and wealth inequality, minimum wage laws, and governmental responses to environmental problems and climate change.

School Business

Discipline Economics

Student Contribution Band HECS Band 4 10cp

Check your HECS Band contribution amount via the Fees page.

Level Undergraduate Level 1 subject

Equivalent Subjects MKTG 1005 - Consumers Firms and Markets

Restrictions Students must be enrolled at Western Sydney University, The College. Students enrolled in extended diplomas must pass 40 credit points from the preparatory subjects listed in the program structure prior to enrolling in this University level subject.

Learning Outcomes

On successful completion of this subject, students should be able to:

Apply microeconomic concepts to contemporary economic settings.
Apply geometric and mathematical concepts and techniques of analysis.
Interpret basic theoretical models of market structures.
Explain how microeconomic concepts have informed public policy debate on a variety of contemporary politico-economic issues.
Analyse critically with respect to theory and policy.

Subject Content

History and methodology.
Supply and demand.
Consumer choice and individual demand.
Anomalous consumer choice and individual demand.
Market demand and elasticities.
Production, costs and optimising.
Perfect and monopolistic competition.
Monopolies.
Oligopolies.
Labour markets.
Capital markets.
Externalities.
Public and common goods.
History and methodology.
Supply and demand.
Consumer choice and individual demand.
Anomalous consumer choice and individual demand.
Market demand and elasticities.
Production, costs and optimising.
Perfect and monopolistic competition.
Monopolies.
Oligopolies.
Labour markets.
Capital markets.
Externalities.
Public and common goods.
History and methodology.
Supply and demand.
Consumer choice and individual demand.
Anomalous consumer choice and individual demand.
Market demand and elasticities.
Production, costs and optimising.
Perfect and monopolistic competition.
Monopolies.
Oligopolies.
Labour markets.
Capital markets.
Externalities.
Public and common goods.

Assessment

The following table summarises the standard assessment tasks for this subject. Please note this is a guide only. Assessment tasks are regularly updated, where there is a difference your Learning Guide takes precedence.