Monash South Africa Economics (ECS2731)

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Monash South Africa Economics (ECS2731)

6 points, SCA Band 3, 0.125 EFTSL

Synopsis

This unit reviews the contemporary microeconomic principles. Consumer and producer theory focusing on individual consumers and firms, market processes, demand patterns, cost structures, market conditions, pricing policies, and the impact of regulation on business decisions are discussed. Cases and problems from the prescribed text, South African media, and online resources illustrate how economic concepts can be applied to specific industries. Analytical techniques and quantitative tools link the concepts to measurement and decision-making.

Outcomes

The learning goals associated with this unit are to:

  1. understand how markets work
  2. understand how customers value products
  3. understand which production and cost measures are relevant for decision making
  4. understand how competition affects business decisions on investment, production, and pricing in different market structures
  5. understand how changes in foreign exchange rates, technology, incomes, government regulations, sources of energy, the balance of payments impact on decision making.

Assessment

Within semester assessment: 40%
Examination: 60%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Chief examiner(s)

Dr Tendeukayi Mugadza

Prerequisites

ECB1101, ECF1100, ECG1101 or ECW1101

Prohibitions

ECB2731, ECF2931, ECG2731, ECF2731, ECW2731