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Unit of study_
ECON5040: Foundation in Economics
2024 unit information
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.
Unit details and rules
Managing faculty or University school:
Economics
| Code | ECON5040 |
|---|---|
| Academic unit | Economics |
| Credit points | 6 |
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Prerequisites:
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None |
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Corequisites:
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None |
| Prohibitions:
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ECON5001 |
| Assumed knowledge:
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None |
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.
Unit availability
This section lists the session, attendance modes and locations the unit is available in. There is a unit outline for each of the unit availabilities, which gives you information about the unit including assessment details and a schedule of weekly activities.
The outline is published 2 weeks before the first day of teaching. You can look at previous outlines for a guide to the details of a unit.
| Session | MoA ? | Location | Outline ? |
|---|---|---|---|
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Semester 1 2024
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Normal day | Camperdown/Darlington, Sydney | |
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Semester 2 2024
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Normal day | Camperdown/Darlington, Sydney |
Outline unavailable
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Modes of attendance (MoA)
This refers to the Mode of attendance (MoA) for the unit as it appears when you’re selecting your units in Sydney Student. Find more information about modes of attendance on our website.
