UnitLevel 1Undergraduate

ECF1100 Microeconomics

Faculty of Business and Economics

ECF1100 Microeconomics is a level 1, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2020 in Semester 1 and Semester 2 at Caulfield and City (Melbourne). It has no prerequisites and unlocks 30 units, leading on to 82 units in all.

Credit points: 6
Offered in 2020: Semester 1, Semester 2; Caulfield, City (Melbourne)
Assessment: Exam 50%; and 1 other task
Workload: 144 hours; per semester

This is the 2020 handbook entry. See the 2027 entry.

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Requisites

Before ECF1100

Prohibitions

You can't enrol if you have passed any of these.

One of

After ECF1100

30 units list ECF1100 as a prerequisite or corequisite.

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Overview

Economics as an area of knowledge. Economics in a business degree. Understanding economic policy. An analysis of markets: supply and demand; consumer behaviour; firm behaviour; cost of production and profit maximisation; behaviour of firms in different market structures; evaluation of market capitalist economic systems, economic efficiency, market failure, government failure; current economic policies, competition policy, privatisation and the funding of education.

Offerings in 2020

Teaching period	Campus	Mode
First semester	Caulfield	On campus
First semester (Fully flex)	Caulfield	Flexible
Second semester	Caulfield	On campus
Trimester A	City (Melbourne)	On campus
Trimester B	City (Melbourne)	On campus
Trimester C	City (Melbourne)	On campus

Assessment

Within semester assessment
50%
Examination
50%

Learning outcomes

When you finish this unit, you should be able to:

1
understand the economic behaviour of individual consumers and producers
2
understand concepts relating to the cost of production in both the short and long run
3
explain the determinants of price and output outcomes under different market structures in both the short and long run and the welfare implications of these outcomes
4
describe the virtues and shortcomings of free markets and how the regulatory and political environments impact on business
5
understand how economic policies can be used to overcome market failure.

Workload and teaching

Workshops30 hours
Workshops33 hours
Lectures24 hours
Tutorials12 hours
Teaching approachActive learning

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Learning resources

Required resources

City campus: J. Gans, S. King, M. Byford and N. G. Mankiw, Principles of Microeconomics, 7th edition, Cengage, 2017.

Where it fits

ECF1100 is part of 3 areas of study in the 2020 handbook.

Contacts

Chief Examiners: Dr Wayne Geerling; Professor Mark Crosby

Common questions

What are the prerequisites for ECF1100?

ECF1100 has no prerequisites.

What can I take after ECF1100?

ECF1100 is a prerequisite or corequisite for 30 units, including BFB2140, BFC2140, BFF2140, BFW2140, ECB2141 and ECB2731. Those lead on to 82 units in all.

When is ECF1100 offered?

In 2020, ECF1100 runs in Semester 1 and Semester 2 at Caulfield and City (Melbourne).

How much work is ECF1100?

The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.

Does ECF1100 have an exam?

Yes. The exam is worth 50% of the final mark, alongside 1 other task.

Which majors and minors include ECF1100?

ECF1100 is part of Economics and business strategy; and International business.

More details

Credit points: 6
Level: 1
Study level: Undergraduate
Faculty: Faculty of Business and Economics
Organisational unit: Department of Economics

Type: Coursework
EFTSL: 0.125
Student contribution: SCA Band 3
Study abroad: Not available
Handbook years: 20202021 2022 2023 2024 2025 2026 2027