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 2021 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 2021: Semester 1, Semester 2; Caulfield, City (Melbourne)
Assessment: Exam 60%; and 1 other task
Workload: 144 hours; per semester

This is the 2021 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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Enrolment rules

To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.

Overview

This unit provides you with an introduction to microeconomics. You will be given the tools to understand basic economic ideas and to apply their learning to analyse economic applications in everyday life. It begins with an introduction to supply and demand and the basic forces that determine an equilibrium in a market economy. Next, it introduces a framework for learning about consumer behaviour and analysing consumer decisions. We then turn our attention to firms and their decisions about optimal production, and the impact of different market structures on firms’ behaviour. The final section of the unit provides an introduction to some of the more advanced topics that can be analysed using microeconomic theory, including consumer choice, game theory and behavioural economics.

Offerings in 2021

Teaching period	Campus	Mode
First semester	Caulfield	On campus
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
40%
Examination
60%

Learning outcomes

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

1
understand the 'economic way of thinking' about a broad range of individual, business and government choices and decisions
2
apply economic principles to explain and analyse economic institutions, economic decisions and performance
3
recognise regulatory and political environments and how they impact on business.

Workload and teaching

Tutorials12 hours
Workshops30 hours
Workshops33 hours
Lectures24 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 2021 handbook.

Contacts

Chief Examiners: Professor Mark Crosby; Dr Wayne Geerling
Unit Coordinators: Dr Ying Zhou

Common questions

What are the prerequisites for ECF1100?

ECF1100 has no prerequisites, but enrolment rules apply.

What can I take after ECF1100?

ECF1100 is a prerequisite or corequisite for 30 units, including BFB2140, BFC2140, BFF2140, BFW2140, BFX2140 and ECB2141. Those lead on to 82 units in all.

When is ECF1100 offered?

In 2021, 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 60% 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 4
Study abroad: Available
Handbook years: 202020212022 2023 2024 2025 2026 2027