Fundamentals of Microeconomics

Unit code: JQU0078 | Study level: Non-award
Credit points
N/A
Location
City Campus
Prerequisites
N/A
Overview
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Overview

In this unit, students will be introduced to the fundamental principles and key concepts of microeconomics—the study of how individual economic units, such as people, households, firms, and industries, make decisions. Students will examine how firms make choices and how their behaviour is influenced by the structure and characteristics of the industries in which they operate.The unit covers essential microeconomic models, including demand and supply, perfect competition, monopoly, and the functioning of the market mechanism. Additionally, students will analyse the causes of market failure and explore how governments respond to such failures.

Learning Outcomes

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

  1. Discuss the basic problem of scarcity facing society and apply the use of market dynamic models in economic reasoning and problem solving.
  2. Describe the characteristics of concentrated markets and their economic impacts.
  3. Analyse firms' production decisions in both the short run and long run, considering costs and profit factor impacts.
  4. Examine the causes and effects of market failure and evaluate arguments for and against government intervention.

Assessment

For Melbourne campuses

Assessment type: Exercise
|
Grade: 20%
Applied Economic Activities (written, in-class).
Assessment type: Assignment
|
Grade: 40%
Individual written assignment, concentrated markets and production decisions and costs.
Assessment type: Test
|
Grade: 40%
Timed test, in-class.

Required reading

Required readings will be made available on VU Collaborate.

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: 32 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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