DEMAND, SUPPLY AND MARKETS

ECO1DSM

Not currently offered

Credit points: 15

Subject outline

This subject focuses on the behaviour of consumers and firms and their interaction in markets. It introduces students to the economic way of thinking, to the study of consumer and firm behaviour in competitive markets. Then issues of market failure associated with public goods and externalities are introduced along with theories of imperfect competition, business strategy and game theory. Emphasis is placed on markets for inputs such as labour. Microeconomic policies to address market failures are discussed.

SchoolLa Trobe Business School

Credit points15

Subject Co-ordinatorHeidi Ryoo

Available to Study Abroad StudentsYes

Subject year levelYear Level 1 - UG

Exchange StudentsYes

Subject particulars

Subject rules

PrerequisitesN/A

Co-requisitesN/A

Incompatible subjects ECO1PPA, ECO1IMI, BUS1BUE

Equivalent subjectsN/A

Special conditionsN/A

Readings

Resource TypeTitleResource RequirementAuthor and YearPublisher
ReadingsPrinciples of MicroeconomicsPrescribedGans, J., King, S. & Mankiw, N. (2009)4TH EDN., NELSON

Graduate capabilities & intended learning outcomes

01. Upon successful completion of this subject, you should be able to critically reflect on, and apply microeconomic theory to, the concept of market failure and various policy contexts.

Activities:
TBC
Related graduate capabilities and elements:
Critical Thinking (Critical Thinking)
Inquiry/ Research (Inquiry/ Research)
Creative Problem-solving (Creative Problem-solving)

02. Upon successful completion of this subject, you should be able to differentiate between market structures, identify their defining characteristics, and discuss their implications for efficiency.

Activities:
TBC
Related graduate capabilities and elements:
Inquiry/ Research (Inquiry/ Research)
Critical Thinking (Critical Thinking)
Creative Problem-solving (Creative Problem-solving)

03. Upon successful completion of this subject, you should be able to engage in class discussions and use teamwork in a problem solving setting.

Activities:
TBC
Related graduate capabilities and elements:
Inquiry/ Research (Inquiry/ Research)
Creative Problem-solving (Creative Problem-solving)
Critical Thinking (Critical Thinking)

04. Upon successful completion of this subject, you should be able to explain market behaviour in writing and graphically, using the partial equilibrium model of supply and demand

Activities:
TBC
Related graduate capabilities and elements:
Inquiry/ Research (Inquiry/ Research)
Creative Problem-solving (Creative Problem-solving)
Critical Thinking (Critical Thinking)

05. Upon successful completion of this subject, you should be able to explain various economic concepts and apply these to economic problems using correct economic terminology and appropriate diagrammatic representations.

Activities:
TBC
Related graduate capabilities and elements:
Creative Problem-solving (Creative Problem-solving)
Inquiry/ Research (Inquiry/ Research)
Critical Thinking (Critical Thinking)

Subject options

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