EC1006 - Economics of Markets

Credit points:	03
Year:	2007
Student Contribution Band:	Band 2
Administered by:	Discipline of Economics

In this semester you will study economic theories, issues and policies that are relevant to business, focusing primarily on microeconomics (ie that part of economics which looks at individuals, firms and markets, rather than the economy as a whole). Topics covered include: production, costs, market structures, profit-maximising pricing strategies, efficiency, equity, the distribution of 'surpluses', pollution, market 'failure', microeconomic policy and microeconomic reform.

Learning Outcomes

• Students completing this subject will be able to: Understand the basic microeconomic models, theories and ideas associated with production, costs market structures, profit-maximising pricing strategies, efficiency, equity, the distribution of 'surpluses', pollution, market 'failure', microeconomic policy and microeconomic reform;
• Construct, manipulate and explain a range of simple diagrams associated with the relevant microeconomic models;
• Use the models studied to analyse real and hypothetical economic circumstances and to derive solutions to the problems posed in these circumstances;
• These are the learning outcomes for the subject. Specific learning outcomes for each lecture and tutorial will be provided to students throughout the course of the subject.

Graduate Qualities

• The ability to think critically, to analyse and evaluate claims, evidence and arguments;
• The ability to adapt knowledge to new situations;
• The ability to define and to solve problems in at least one discipline area;
• The ability to communicate effectively with a range of audiences;
• The ability to speak and write logically, clearly and creatively;
• The ability to calculate, produce, interpret and communicate numerical information;
• A coherent and disciplined body of skills, knowledge, values and professional ethics in at least one discipline area;
• The ability to use a variety of media and methods to retrieve, analyse, evaluate, organise and present information;
• The ability to learn independently and in a self-directed manner.

Availabilities
Townsville, Internal, Study Period 2
Census Date 31-Aug-2007
Coord/Lect:	jc150750.
Contact hours:	26 hours lectures 24 hours tutorials - Combined with Workshop - will run 2 hours.
Assessment:	end of semester exam (60%); quizzes or tests (20%); assignments (20%).

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.