Swinburne University of Technology - Melbourne Australia
Future Students - Courses
Duration
Contact Hours
Campus
Prerequisite
Corequisite
One Teaching period
36 Hours
Hawthorn, Sarawak
Nil
Credit Points: 12.5 Credit Points
A unit of study in the Bachelor of Commerce suite of programs, Bachelor of Engineering (Civil Engineering)/ Bachelor of Commerce, Bachelor of Engineering (Electrical and Electronic Engineering)/ Bachelor of Commerce, Bachelor of Engineering (Electronics and Computer Systems)/ Bachelor of Commerce, Bachelor of Science (Biotechnology)/ Bachelor of Commerce and Bachelor of Aviation (Management)/ Bachelor of Commerce.
At the completion of this unit, students will be able to: Identify the methodology used in economicsKnow the nature of the economic problem, and the facilitating role of marketsDescribe why firms charge the prices and produce the quantities that they do; and what the industrial characteristics are that determine thisMatch variations in pricing and output behaviour with variations in industry structure and competitivenessIdentify when firms are efficient and when they are not, and whyDescribe the situations in which market forces fail to allocate resources in a socially optimal manner (such as in the case of pollution and climate change); and indicate ways that government might be able to remedy market failure
Lecture (2 hours), Tutorials (1 hour) Lectures will be used to introduce the topics, concepts and theories. Tutorials will provide a forum for testing knowledge, discussion, questions, and problem solving.
Written and graph questions 10% (two peices of assessment, 5% each) Mid semester test (individual) 30%Mid semester Assessment (individual) 30 - 50%
The graduate attributes which relate to this unit help to produce graduates who are: Capable in their chosen professional, vocational or study areasEntrepreneurial in contributing to innovation and development within their business, workplace or communityEffective and ethical in work and community situationsAdaptable and able to manage changeAware of local and international environments in which they will be contributing (eg socio-cultural, economic, natural)
The nature and method of economics; the economic problem; methods of allocating resources The market mechanism: Supply and Demand.Elasticity of supply and demand.Costs of productionIndustry structures: perfect competition, monopolistic competition, oligopoly, monopolyThe requirements for productive, allocative and dynamic efficiencyIndustry performanceMarket failure and externalities. The role of the public sector in remedying the market’s under-allocation of resources (such as for health-care or education) and its over-allocation of resources (such as in the case of damage to the natural environment)The theory and provision of public goods
Students are advised to check the unit outline in the relevant teaching period for appropriate textbooks and further reading.
