Microeconomics Introduction

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0.Unit Information

0.1Introduction

Welcome to LBE 100 Microeconomics. You may be taking this unit as part of an Economics major or minor, or as one of the required units for professional recognition in Accounting, or to support your major in Finance, Marketing, Management, or because you recognise that some knowledge of economics is essential these days for understanding key issues in business, politics and society, whatever career you pursue. In each case, we hope you will enjoy the unit, as well as finding it useful. We will be using the unit to introduce you to the economic way of thinking and analysing problems. Obviously, we will only be able to tackle some of the many aspects of economics in this unit, but the economic way of thinking and approaching issues is a skill you will find useful in a variety of settings. We firmly believe that a knowledge of the basics of economics is important for successful participation in business life, and would strongly encourage you to explore the possibility of also including some Macroeconomics in your degree.

Economic issues play a very important part in all of our lives, as citizens, as consumers, and as employees or employers. Understanding economic terminology and being able to use economic principles, concepts and tools can assist all of us to make more effective decisions in our personal and professional life.

The aim of this subject is to introduce you to some of the key issues, concepts and theories in Microeconomics, and to encourage and assist you to apply the concepts and tools in a variety of contexts. The key to success in the subject lies in regular and consistent effort on your part to learn, understand and apply the concepts. Such effort will also lead to maximum long-term ability to utilise these tools and principles in your everyday life.

To help you achieve success in the subject, a specific work program has been devised for each week of the semester. You will need to work consistently throughout the semester at the various tasks specified in the work program. The program includes several short assessment tasks which are designed both to assist your learning and understanding and to provide feedback about how you are coping with the unit and the areas with which you should be seeking help. The main components of the learning program - lectures, tutorials, drop-ins, textbook and online resources - are introduced in the next few paragraphs.

Lectures

| There are one hour of lectures per week. These lectures will not attempt to cover every aspect of the topic, but will provide:| 0 an overview of the week’s topic;
1 a guide to reading and other resources on the topic, and to the economic terminology involved; 2 detailed guidance and instruction on the more difficult / technical parts of the topic; 3 some discussion of the topic;

4 applications of the topic and demonstration of examples; 5 occasionally, the lecture may include screening and discussion of video resources. *
* Lectures will be much more useful if you prepare for them in advance. You should at least consult the relevant topic section of this Learning Guide before coming to the lecture. It is desirable that you also skim quickly through the relevant section of the textbook before the lecture. *

* Outline lecture powerpoint slides are available on the Unit website. Printed copies of these free you from copious note taking in the lecture. Rather, you will be able to annotate these slides, and concentrate in the lecture on understanding and applications. *

* Tutorial Workshops
*
* | * You...
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