Microeconomics

Unit code: JQU0023 | Study level: Non-award
Credit points
N/A
Location
City Campus
Footscray Park
Prerequisites
N/A
Overview
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Overview

In this unit students will be introduced to the major principles and concepts of microeconomics - the study of the economic behaviour of individual units of an economy, such as a person, household, firm, or industry. Students will explore the decisions made by firms and how their behaviour can be affected by the structure and characteristics of the industry in which they operate.



Microeconomic models such as demand and supply, prefect competition, monopoly, the operation of the market mechanism and the causes of market failure are analysed. Government responses to market failure will also be investigated.

Learning Outcomes

On successful completion of this unit, students will be able to:

  1. Describe how prices are determined in a competitive market;
  2. Analyse firms' production decisions in the short-run and the long-run, based on costs and profits;
  3. Describe concentrated markets and their effects on the economy;
  4. Outline why market failure occurs and the consequences of market failure; and
  5. Examine the case for and against Government intervention in market failure.

Assessment

For Melbourne campuses

Assessment type: Test
|
Grade: 20%
Multiple choice test
Assessment type: Project
|
Grade: 20%
Analyse quantitative information on selected topic.
Assessment type: Presentation
|
Grade: 20%
Commentary on a news media extract
Assessment type: Assignment
|
Grade: 40%
Research on an allocated topic

Developing skills and attributes towards the graduate capabilities of Victoria University will be incorporated across the course.

As part of a course

This unit is studied as part of the following course(s):

International Foundations at VU
JQAG | Non-award course | Duration: 26 weeks

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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