Microeconomics (1 Viewer)

[Korn]

Has anyone done this unit, and has any advice for someone who has never done economics?

 

[klh]

its looks easy from the handbook outline.
from the handbook:
This unit is an introduction to economic concepts and economic method. The five central concepts of this unit develop in a logical sequence but are essentially an integrated whole. Foundation concepts include scarcity, opportunity cost, production possibilities, frontier, marginal analysis, incentives and equilibrium. Market mechanisms includes determinants of demand and supply, elasticity, welfare maximisation, effects of taxation and other government interventions, and static and dynamic equilibrium. Inside the firm investigates production, cost and revenue curves. Market structures covers perfect competition, monopolistic competition, and oligopoly and monopolistic competition. Market failure is analysed in relation to externalities and public goods. Throughout the unit theories are analysed and applied in the context of real-life contemporary economic problems.

in my lecture on monday in entreprenuerial mgmt and innovation we learnt a bit about economics, the differences about traditional and institutional stuff. if you do well in accounting, this should be easy for you to understand i think.

 

[Korn]

its looks easy from the handbook outline.
from the handbook:
This unit is an introduction to economic concepts and economic method. The five central concepts of this unit develop in a logical sequence but are essentially an integrated whole. Foundation concepts include scarcity, opportunity cost, production possibilities, frontier, marginal analysis, incentives and equilibrium. Market mechanisms includes determinants of demand and supply, elasticity, welfare maximisation, effects of taxation and other government interventions, and static and dynamic equilibrium. Inside the firm investigates production, cost and revenue curves. Market structures covers perfect competition, monopolistic competition, and oligopoly and monopolistic competition. Market failure is analysed in relation to externalities and public goods. Throughout the unit theories are analysed and applied in the context of real-life contemporary economic problems.

in my lecture on monday in entreprenuerial mgmt and innovation we learnt a bit about economics, the differences about traditional and institutional stuff. if you do well in accounting, this should be easy for you to understand i think.

In tut, they split us up in groups and we have to do a presentation on one of the things in the tuts book

 

[Demandred]

And not to mention that they cut funding so we get a 1 hour tutorial session instead of 2 hours...

 

[x-y-z]

First year economics is interesting and logical, and doesn't involve too much maths. You shouldn't have any problems passing, and if you are consistent you can do quite well. Economics is something that is accessible to everyone.

If you have any problems I really recommend the textbook The Principles of Microeconomics by robert frank and ben bernanke. with headings such as "is it safe to steal veronicas briefcase (p 264) and "will the kidnapper release his victim?" you can't go wrong.

It was my first year micro textbook and I loved the way it was written so much I read it straight from cover to cover (admittedly I was cramming for an exam). So yeah I'd really recommend this textbook as supplementary material to whatever textbooks they give you.