DIITCTG BBA Micro Economics
The course provides an introduction to a core area of economics known as microeconomics. It considers the operation of a market economy and the problem of how best to allocate society's scarce resources. The course considers the way in which various decision making units in the economy (individuals and firms) make their consumption and production decisions and how these decisions are coordinated. It considers the laws of supply and demand, and introduces the theory of the firm, and its components, production and cost theories and models of market structure. The various causes of market failure are assessed, and consideration is given to public policies designed to correct this market failure.
Course Learning Outcomes
Knowledge and Understanding
This course aims to develop an understanding of the framework that economists use to analyse choices made by individuals in response to incentives and consider how these choices can also serve the social interest. The course introduces students to models of how individuals and firms interact within markets, when markets fail, and how government policy may improve outcomes for society. (Learning outcomes 1-6)
McTaggart, Douglas; Findlay, Christopher and Parkin, Michael, Microeconomics, 7th Edition, Pearson Education Australia.
An excellent little book that we suggest you read before the course starts or over the first few weeks is a Random House publication, The Undercover Economist: Exposing Why the Rich Are Rich, the Poor Are Poor and Why You Can Never Buy a Decent Used Car! by Tim Harford. Copies are available in the Barr Smith Library multiple copies collection. You can preview the book at Google Books via the References section of the MyUni site.
If you are interested in learning something about the way economics has developed over the years (centuries), R.L. Heilbroner, Worldly Philosophers, (Simon and Schuster, several editions) provides a very readable account of the ideas, life and times of many of the greatest economists, from Adam Smith to the present.