Monash University - ECC1000: Principles of microeconomics

This unit, Principles of microeconomics (ECC1000) - provides you with an introduction to microeconomics. You will be given the tools to understand basic economic ideas and to apply your 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.

✔ On successful completion of this unit, you should be able to:

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