ECON 1014 Consumers, Firms and Markets

Credit Points 10

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

Student Contribution Band HECS Band 4 10cp

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Level Undergraduate Level 1 subject

Equivalent Subjects ECON 1002 - Consumers Firms and Markets (WSTC) MKTG 1005 - Consumers Firms and Markets

Learning Outcomes

On successful completion of this subject, students should be able to:
  1. Apply microeconomic concepts to contemporary economic settings.
  2. Apply geometric and mathematical concepts and techniques of analysis.
  3. Interpret basic theoretical models of market structures.
  4. Explain how microeconomic concepts have informed public policy debate on a variety of contemporary politico-economic issues.
  5. Analyse critically with respect to theory and policy.

Subject Content

1. History and methodology.
2. Supply and demand.
3. Consumer choice and individual demand.
4. Anomalous consumer choice and individual demand.
5. Market demand and elasticities.
6. Production, costs and optimising.
7. Perfect and monopolistic competition.
8. Monopolies.
9. Oligopolies.
10. Labour markets.
11. Capital markets.
12. Externalities.
13. Public and common goods.

Prescribed Texts

  • Robert H. Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz, ISE Principles of Microeconomics, 7th Edition, McGraw Hill.

Teaching Periods

2022 Semester 1

Parramatta City - Macquarie St

Day

Subject Contact Edward Mariyani-Squire Opens in new window

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Evening

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