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Unit of study_
ECON1001: Introductory Microeconomics
2025 unit information
Economic issues are pervasive in contemporary Australian society. This unit of study addresses the economic decisions of individual firms and households and how these interact in markets. The unit introduces students to the language and analytical framework adopted in economics for the examination of social phenomena and public policy issues. Whatever one's career intentions, coming to grips with economic ideas is essential for understanding society, business, and government. Students are given a comprehensive introduction to these ideas and are prepared for the advanced study of microeconomics in subsequent years. Prior knowledge of algebraic equations and differential calculus is assumed.
Unit details and rules
Managing faculty or University school:
Arts and Social Sciences
| Study level | Undergraduate |
|---|---|
| Academic unit | Economics |
| Credit points | 6 |
|
Prerequisites:
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None |
|---|---|
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Corequisites:
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None |
| Prohibitions:
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BUSS1040 or ECON1040 |
| Assumed knowledge:
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Minimum result of Band 4 in HSC Mathematics Advanced (or equivalent); or Band E3 in HSC Mathematics Extension 1 or 2 (or equivalent). Students who do not possess the assumed knowledge are strongly advised to enrol in ECON1003 prior to or concurrently with this unit |
At the completion of this unit, you should be able to:
- LO1. demonstrate understanding of how aggregate supply and demand result from individual and firm decisions
- LO2. demonstrate understanding of the fundamental types of market structures and competition
- LO3. demonstrate understanding of market failures and the roles of government in markets
- LO4. explain how prices and quantities are determined in a market, leading to resource allocation in the economy
- LO5. critically evaluate the assumptions and limitations of economic theories in the unit.
Unit availability
This section lists the session, attendance modes and locations the unit is available in. There is a unit outline for each of the unit availabilities, which gives you information about the unit including assessment details and a schedule of weekly activities.
The outline is published 2 weeks before the first day of teaching. You can look at previous outlines for a guide to the details of a unit.
| Session | MoA ? | Location | Outline ? |
|---|---|---|---|
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Semester 1 2025
|
Normal day | Camperdown/Darlington, Sydney | |
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Semester 2 2025
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Normal day | Camperdown/Darlington, Sydney |
Outline unavailable
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Modes of attendance (MoA)
This refers to the Mode of attendance (MoA) for the unit as it appears when you’re selecting your units in Sydney Student. Find more information about modes of attendance on our website.
