TECO101 Microeconomic Principles

This unit introduces students to the principles essential for understanding fundamental economic problems, and helps to explain the policy alternatives that Australian society may use to cope with these problems in an international context. This aspect of economics deals with the principles that apply to the analysis of the behaviour of individual consumers and businesses in the economy. Students will acquire an understanding of the theoretical and behavioural aspects of microeconomics.  The unit includes topics such as the determination and interaction of demand and supply of a particular product or service, economic efficiency, the four basic models of alternative market structures, rationale for government intervention in some markets and explanations of inequality and different rates of growth between countries.