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During 2021 we will continue to support students who need to study remotely due to the ongoing impacts of COVID-19 and travel restrictions. Make sure you check the location code when selecting a unit outline or choosing your units of study in Sydney Student. Find out more about what these codes mean. Both remote and on-campus locations have the same learning activities and assessments, however teaching staff may vary. More information about face-to-face teaching and assessment arrangements for each unit will be provided on Canvas.

Unit of study_

ECON5001: Microeconomic Theory

This unit presumes no prior exposure to economics and aims, by the end of the unit, to bring a proficiency equivalent to that of students with an intermediate level microeconomics unit in an Honours degree program. Many economic principles developed in this unit are routinely used in several other units in the program. Microeconomics studies how economic agents make choices in a variety of environments. The unit covers theory and applications of the principles of consumer choice, of firm behaviour, and of strategic interaction among economic agents. Equipped with these theories of decision making, students can address a range of interesting and important questions. Examples are: What market strategy should a firm adopt with its competitors? How might one create a market to deal with externalities such as pollution? What are the implications of different kinds of taxes? What compensation scheme will provide the right incentives to work?

Code ECON5001
Academic unit Economics
Credit points 6
Prerequisites:
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None
Corequisites:
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None
Prohibitions:
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ECON5040

At the completion of this unit, you should be able to:

  • LO1. understand economic, political, legal, commercial and business issues and apply fundamental theories and concepts in diverse and unpredictable environments
  • LO2. formulate and develop persuasive arguments relevant to major fields of study that can be applied to business problems
  • LO3. think critically about underlying theories, concepts, assumptions and arguments in major fields of study
  • LO4. apply principles, techniques and technologies to data/information relevant to practice in major fields of study
  • LO5. analyse and solve economics problems.

Unit outlines

Unit outlines will be available 2 weeks before the first day of teaching for the relevant session.