ECC1000 Introduction to Microeconomics / ECF5923 Principles of Microeconomics
Difficulty:
Year Completed: Semester 1, 2025
Prerequisite: N/A
Exemption:
CB2 Business Economics
ECC1000 (55%), ECC1100 (45%)
Weighted average of 70% required. Minimum of 60% required for each unit.
Mean Setu Score: 78%
Clarity of Learning Outcomes: 69.64%
Clarity of Assessments: 76.32%
Feedback: 76.54%
Resources: 67.69%
Engagement: 76.60%
Satisfaction: 63.87%
Subject Content:
Lecture(s) and Tutorial(s):
Textbook:
Assessments:
This unit introduces the principles of microeconomics, focusing on how individuals and firms make decisions in a market economy. It begins with the fundamentals of supply and demand, examining how prices and quantities are determined through market interactions. The unit explores consumer behaviour, including preferences, constraints, and utility. It then investigates how firms make production decisions and how different market structures, such as perfect competition and monopoly, influence pricing and output. Advanced topics like game theory and behavioural economics offer insight into strategic interactions and real-world deviations from rational decision-making.
There are no formal lectures in this unit. Instead, the learning is mainly delivered through workshops and assigned readings.
1 x 2 hour tutorial
The Economy 2.0 by the CORE Econ Team is the primary textbook, available for free online. It is very useful for supplementing workshop content and clarifying concepts from the readings.
Assessments consist of weekly Perusall pre-workshop participation (10%), workshop participation tasks (10%), weekly post-workshop quizzes (10%), a mid-semester test (20%), and a final exam (50%). The mid-semester test is an online, open-book quiz focusing on weeks 1–6. The final exam is closed book with calculators allowed, covering content mainly from weeks 8–12. Both tests feature multiple-choice and short-answer questions. Assessments are flexible and straightforward, with clear instructions and online access.
Comments
This unit introduces core microeconomic principles focusing on individual and firm decision-making in markets. The content starts with fundamentals like supply and demand, moving towards more complex ideas such as market structures and game theory. While some concepts can be initially challenging, the unit builds logically, making it easier to grasp as the semester progresses. Overall, it is an approachable and relevant unit that connects theory with real-world decision-making.
There are no formal lectures. Instead, learning occurs primarily through weekly workshops and assigned readings. The absence of lectures means students need to be proactive in completing preparatory work to keep up with content.
One two-hour workshop is held weekly, combining a lecture-style session with participation activities. Workshops are important for understanding the material and contribute to final grades via participation tasks. Preparation by completing readings and pre-workshop tasks is necessary to benefit fully from these sessions.
Assessments are flexible and include weekly pre-workshop participation on Perusall (10%), workshop participation (10%), weekly post-workshop quizzes (10%), a mid-semester test (20%), and a final exam (50%). The tests feature mostly multiple-choice and short-answer questions. The mid-semester test is open-book and online, while the final exam is closed-book but allows calculators. Clear instructions and online accessibility make preparation manageable.
The final exam is closed-book with calculators permitted and consists of multiple-choice and short-answer questions. It covers mainly weeks 8 to 12 of content. Time management was not difficult, and the exam’s difficulty level is comparable to the mid-semester test. Having a good grasp of definitions and key concepts is essential for success.
To succeed in this unit, focus on building a solid understanding of the introductory concepts, as the content builds on itself. Active participation in workshops and consistent preparation will help you keep up. Try to relate economic concepts to everyday decisions to better understand their relevance. Overall, the unit rewards engagement and logical thinking.
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Assessments/Other Assessment
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Concluding Remarks