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Unit of study_

ECON5040: Foundation in Economics

This unit focuses on microeconomics, the study of choice under scarcity. All businesses, consumers and even countries and their governments have limited resources. This unit provides an introduction to microeconomic analysis focusing on concepts and applications relevant to business. It addresses how individual consumers and firms make decisions and how they interact in markets. Tools are introduced for analysing government policies that address market failures. The unit provides a rigorous platform for further study and a specialisation in business economics as well as providing valuable analytical tools that complement a general business training, regardless of area of study.

Code ECON5040
Academic unit Economics
Credit points 6

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

  • LO1. understand the basic techniques of microeconomics at an intermediate level
  • LO2. be familiar with the main microeconomic models describing consumer choice and firm behaviour
  • LO3. identify the likely outcome arising from the interaction of firms and consumers
  • LO4. understand microeconomic concepts and apply analytical models to describe 'real world' economic situations
  • LO5. understand the limitations of various models, distinguish between competing explanations of market behaviour and critically evaluate competing theories
  • LO6. be intellectually ready to participate in public policy discussions arising in business and government environments.