units

ECF1100

Faculty of Business and Economics

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Monash University Handbook 2010 Undergraduate - Unit

6 points, SCA Band 3, 0.125 EFTSL

LevelUndergraduate
FacultyFaculty of Business and Economics
OfferedCaulfield First semester 2010 (Day)
Caulfield Second semester 2010 (Day)
Coordinator(s)Dr George Rivers

Synopsis

Economics as an area of knowledge. Economics in a business degree. Understanding economic policy. An analysis of markets: supply and demand; consumer behaviour; firm behaviour; cost of production and profit maximisation; behaviour of firms in different market structures; evaluation of market capitalist economic systems, economic efficiency, market failure, government failure; current economic policies, competition policy, privatisation and the funding of education.

Objectives

The learning goals associated with this unit are to:

  • understand the economic behaviour of individual consumers and producers
  • understand concepts relating to the cost of production in both the short and long run
  • explain the determinants of price and output outcomes under different market structures in both the short and long run and the welfare implications of these outcomes
  • describe the virtues and shortcomings of free markets
  • have knowledge of remedies to overcome market failure.

Assessment

Within semester assessment: 50%, Examination (2 hours): 50%

Chief examiner(s)

Chongwoo Choe

Contact hours

3 hours per week

Prohibitions

ECC1000, ECP1100, ECW1101, PMM2020