Personal Learning Journal
Students are provided with current articles and asked to evaluate the topics in the articles, with theory presented in the subject. Submissions may be in form of personal learning journal format and / or as a verbal presentation as directed.
*The evaluation of articles prompts development of opinions, forecasts and predictions about the economy and reflections on personal skill development in the topic of economics
Students are encouraged to continually self-review their work upon group discussion of the topics and improve writing and understanding throughout the duration of the subject.
Personal Learning Journal submission 3 Based in topics delivered in weeks 5,6,7 MARKET STRUCTURES, COSTS OF PRODUCTION AND MARKET FAILURE WEEK5,
Topic description:
Microeconomics-Costs of production and competition
Concepts covered include:
• Short run and long run production costs
• Marginal cost and marginal product relationships
• Scales of production
• Introduction to market structures
• Profit maximization and loss minimization in perfect competition
• Short run vs long run supply curves
Students will need to purchase the following textbook:
• Layton A., Robinson T., & Tucker, l. 2012. Economics for Today: Fourth Asia Pacific editions, 4th Edition, Cengage Learning, South Melbourne, Vic. ISBN: 9780170190855
Ch 6: Production costs
Ch 7: Perfect completion
WEEK6,
Topic description:
Microeconomics-Market competition and consumer protection laws
Concepts covered include
• Monopolies, oligopolies and monopolistic competition
Price makers vs price takers
• Price and output decisions for all market structures
• Competitive strategies within market structures
• Economic policies regarding price discrimination
• Competition laws
Students will need to purchase the following textbook:
• Layton A., Robinson T., & Tucker, l. 2012. Economics for Today: Fourth Asia Pacific editions, 4th Edition, Cengage Learning, South Melbourne, Vic. ISBN: 9780170190855
Ch 8: Monopoly
Ch9: Monopolistic competition and oligopoly
WEEK7,
Topic description:
Macroeconomics-Economic data and measuring the economy
Concepts include:
• GDP vs other measures of economic well being
• Various approaches to measuring GDP and other national accounts
• Relationship between national saving and investment
• Phases of the business cycle
• Edogenous growth model• Goals of macroeconomic policy
Students will need to read the following textbook:
• Layton A., Robinson T., & Tucker, l. 2012. Economics for Today: Fourth Asia Pacific editions, 4th Edition, Cengage Learning, South Melbourne, Vic. ISBN: 9780170190855
Ch 11: Measuring the size of the economy
Ch 12: Business cycles and economic growth
1.i Reflect on economic theory and relate concepts to actual economic events-Hongkong protest etc.
1.ii Evaluate actual economic events within modelling frameworks.
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