ECON1101 Microeconomics 1 - 2024

Java Python ECON1101 Microeconomics 1 - 2024

Published on the 25 Aug 2024

General Course Information

Course Code :  ECON1101

Year :  2024

Term :  Term 3

Teaching Period :  T3

Course Details & Outcomes

Course Description

Economics is a social science that studies how people make decisions in a world with limited resources and the ways in which they interact with one another.

The goal of this course is to provide you with the basic tools to “think like an economist” – that is, to be able to use basic economic principles to ask and answer questions about how the world works and what is the intended and unintended effects of various policies.

We will cover topics such as how individuals or frms make decisions about the demand for or  supply of a product, how we can determine the efciency of a market, and how we evaluate the costs and benefts of trade or government interventions in the society.

Course Aims

The aim of this course is to provide an introduction to microeconomic analysis. It outlines the theory of markets with relevant applications to individual, business and social issues.

ECON1101 is a core requirement for all students in the BEc programs. Additionally, ECON1101 is a prerequisite for ECON1401, and all courses in the School of Economics with a course code number beginning with 2 or 3.

No previous study of economics is assumed.

Relationship to Other Courses

As mentioned, ECON1101 is a core requirement for all students in the BEc programs.

Additionally, ECON1101 is a prerequisite for ECON1401, and all courses in the School of Economics with a course code number beginning with 2 or 3.

No previous study of economics is assumed.

Course Learning Outcomes

Course Learning Outcomes	Program learning outcomes
CLO1 : Explain the assumptions that underlie standard microeconomic models of individual and collective decision-making and behaviour in a world with limited resources.	• PLO1 : Business Knowledge • PLO3 : Business Communication • PLO6 : Global and Cultural Competence
CLO2 : Identify appropriate economic models (e.g., models of perfectly competitive markets and various market imperfections) and apply them to analyse and predict the behaviour of   individuals and frms interacting in markets.	• PLO1 : Business Knowledge • PLO2 : Problem Solving • PLO3 : Business Communication • PLO4 : Teamwork • PLO5 : Responsible Business Practice • PLO6 : Global and Cultural Competence • PLO7 : Leadership Development
CLO3 : Articulate how individuals and society as a whole beneft or are harmed by economic markets.	• PLO1 : Business Knowledge • PLO2 : Problem Solving • PLO4 : Teamwork • PLO5 : Responsible Business Practice • PLO6 : Global and Cultural Competence • PLO7 : Leadership Development
CLO4 : Evaluate the costs and benefts of government policies that affect economic incentives and behaviour.	• PLO1 : Business Knowledge • PLO2 : Problem Solving • PLO3 : Business Communication • PLO4 : Teamwork • PLO5 : Responsible Business Practice • PLO6 : Global and Cultural Competence
CLO5 : Use basic mathematical tools to demonstrate the properties and predictions of economic models and calculate the effect of   changes in economic variables.	• PLO1 : Business Knowledge • PLO2 : Problem Solving • PLO3 : Business Communication • PLO5 : Responsible Business Practice • PLO6 : Global and Cultural Competence • PLO7 : Leadership Development

Course Learning Outcomes	Assessment Item
CLO1 : Explain the assumptions that underlie standard microeconomic models of individual and collective decision-making and behaviour in a world with limited resources.	• Playconomics: Game + Academia • Final Exam
CLO2 : Identify appropriate economic models (e.g., models of perfectly competitive markets and various market imperfections) and apply them to analyse and predict the behaviour of individuals and frms interacting in markets.	• Playconomics: Game + Academia • Final Exam
CLO3 : Articulate how individuals and society as a whole beneft or are harmed by economic markets.	• Playconomics: Game + Academia • Final Exam
CLO4 : Evaluate the costs and benefts of government policies that affect economic incentives and behaviour.	• Playconomics: Game + Academia • Final Exam
CLO5 : Use basic mathematical tools to demonstrate the properties and predictions of economic models and calculate the effect of changes in economic variables.	• Playconomics: Game + Academia • Final Exam

Learning and Teaching Technologies

Moodle - Learning Management System | Blackboard Collaborate

Learning and Teaching in this course

All lectures and assessments have been designed to appropriately challenge students and support their achievement of the desired learning outcomes. A climate of inquiry and dialogue is encouraged between students and teaching staff, and amongst students (in and out of class). The teaching staff aim to provide meaningful and timely feedback to students to improve learning outcomes.

LEARNING AND TEACHING ACTIVITIES

Use of your Webcam and Digital Devices: If you enrol in an online class, or the online stream of a  hybrid class, teaching and associated activities will be conducted using Teams, Zoom, or similar a technology. Using a webcam is optional, but highly encouraged, as this will facilitate interaction with your peers and instructors. If you are worried about your personal space being observed during a class, we encourage you to blur your background or make use of a virtual background. Please contact the Lecturer-in-Charge if you have any questions or concerns.

Some courses may involve undertaking online exams for which your own computer or digital devices will be required. Monitoring of online examinations will be conducted directly by University staff and is bound by the University's privacy and security requirements. Any data collected will be handled accordance with UNSWpoliciesandstandardsfordata

governance. For more information on how the University manages personal information please refer to the UNSWStudentPrivacyStatement and the UNSWPrivacyPolicy