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ECF1100 - Microeconomics
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.
The learning goals associated with this unit are to:understand the economic behaviour of individual consumers and producersunderstand concepts relating to the cost of production in both the short and long runexplain the determinants of price and output outcomes under different market structures in both the short and long run and the
welfare implications of these outcomesdescribe the virtues and shortcomings of free marketshave knowledge of remedies to overcome market failure.