This course is available for on-campus & remote (online) learning. All students participate in interactive, real-time classes.
This course introduces economics as the study of how people make choices under conditions of scarcity. Beginning with key principles underpinning how to 'think like an economist', the course will build from consumer demand and firm supply to understand market forces under the 'invisible hand' and market equilibrium under 'perfect competition', both in closed and open economies. It will then examine the impact of government interventions in the market, such as taxes and subsidies, as well as market failures arising in the context of externalities, public goods and common resources. Monopoly and oligopoly will be contrasted with perfect competition, as market structures that do not deliver welfare maximising outcomes. Students will be encouraged to critique 'the' economic way of thinking throughout the course, with a final topic exploring the growing call worldwide to 'rethink economics' for the 21st century, as seen in Kate Raworth's Doughnut Economics.
Learning Outcomes
Upon successful completion, students will have the knowledge and skills to:
- Demonstrate a solid understanding of the principles of supply and demand, including consumer and firm behaviour.
- Apply microeconomic principles to assess market structure, performance and failure.
- Analyse the effects of different government interventions in markets.
- Evaluate key microeconomic issues and identify appropriate policy solutions.
- Critique 'the economic way of thinking' based on real-life evidence.
Indicative Assessment
- Mid-semester exam (30) [LO 1,2]
- Policy brief (20) [LO 1,2,3,4,5]
- Final exam (50) [LO 1,2,3,4,5]
The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.
Workload
The standard workload for a 6 unit course is 130 hours including class time and independent study.
Prescribed Texts
Gans, J. King, S., Byford, M. and N.G. Mankiw (2023), Principles of Microeconomics, 9th Asia-Pacific Edition.
Fees
Tuition fees are for the academic year indicated at the top of the page.
Commonwealth Support (CSP) Students
If you have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). More information about your student contribution amount for each course at Fees.
- Student Contribution Band:
- 14
- Unit value:
- 6 units
If you are a domestic graduate coursework student with a Domestic Tuition Fee (DTF) place or international student you will be required to pay course tuition fees (see below). Course tuition fees are indexed annually. Further information for domestic and international students about tuition and other fees can be found at Fees.
Where there is a unit range displayed for this course, not all unit options below may be available.
| Units | EFTSL |
|---|---|
| 6.00 | 0.12500 |
Offerings, Dates and Class Summary Links
ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage.
Class summaries, if available, can be accessed by clicking on the View link for the relevant class number.
First Semester
| Class number | Class start date | Last day to enrol | Census date | Class end date | Mode Of Delivery | Class Summary |
|---|---|---|---|---|---|---|
| Online | ||||||
| 3743 | 22 Feb 2027 | 01 Mar 2027 | 31 Mar 2027 | 28 May 2027 | In Person | N/A |
| On Campus | ||||||
| 4762 | 22 Feb 2027 | 01 Mar 2027 | 31 Mar 2027 | 28 May 2027 | Online | N/A |