Course Title: Prices and Markets
Part A: Course Overview
Course Title: Prices and Markets
Credit Points: 12
650T Vocational Business Education
|Sem 1 2012,
Sem 2 2012,
Sem 1 2013,
Sem 2 2013,
Sem 1 2014,
Sem 2 2014,
Sem 1 2015,
Sem 2 2015,
Sem 1 2016,
Sem 2 2016,
Sem 1 2017,
Sem 2 2017
Course Coordinator: Costa Pappas
Course Coordinator Phone: 03 9925 5738
Course Coordinator Email: firstname.lastname@example.org
Course Coordinator Location: City Campus Building 80 Level 5
Course Coordinator Availability: By email or by Appointment.
Pre-requisite Courses and Assumed Knowledge and Capabilities
Assumed Knowledge - Proficiency in basic algebraic manipulation is assumed.
The Prices and Markets course is a study of microeconomic theory and its applications. The purpose of the course is to introduce you to key microeconomic concepts and analytical techniques, and to apply these to a variety of real world economic phenomena in a systematic and rigorous way. The course focuses on how consumers, firms and government interact in markets in a manner that gives rise to prices.
This course will enhance your appreciation of microeconomics, both in theory and in practice, and equip you with the language and skills to identify, define and analyse markets and firms in modern business environments. You will learn to think systematically about market interactions and the role of producers and consumers in the modern economy. You will also be introduced to the benefits and limits of government intervention.
At the conclusion of this course, you will be able to understand and critically evaluate contemporary microeconomic and public policy issues at the theoretical level. At the same time, you will be able to appreciate the practical relevance of these to the real world.
Objectives/Learning Outcomes/Capability Development
On successful completion of this course, you should be able to:
- Identify appropriate foundational microeconomics theories and techniques to apply in the business environment;
- Apply the economic method to systematically and rigorously analyse economic phenomena;
- Analyse microeconomic issues within the frameworks of modern microeconomic models and analytical techniques to explain and predict the outcomes of changes in a variety of economic variables;
- Identify and assess, in a microeconomic framework, the economic issues confronted by individual decision makers and by society as a whole to guide economic decision making;
- Analyse and evaluate public policy to determine its economic and societal welfare consequences
- Characterise the link between market structures and market outcomes to explain and predict price, output and strategic outcomes in different markets.
Overview of Learning Activities
In this course you will be encouraged to be an active learner. Your learning will be supported through various in-class and online activities comprising individual and group work. These may include quizzes; assignments; prescribed readings; sourcing, researching and analysing specific information; solving problems; conducting presentations; producing written work and collaborating with peers on set tasks or projects.
Overview of Learning Resources
Various learning resources are available online through myRMIT /Blackboard. In addition to topic notes; assessment details and a study schedule you may also be provided with links to relevant online information; readings; audio and video clips and communication tools to facilitate collaboration with your peers and to share information.
Resources are also available online through RMIT Library databases and other facilities. If you require assistance with the RMIT library facilities contact the Business Liaison Librarian for your school. Contact details for Business Liaison Librarians are located online on the RMIT Library website.
Additional resources and/or sources to assist your learning will be identified by your course coordinator will be made available to you as required during the teaching period.
Overview of Assessment
The assessment tasks, their weighting and the course learning outcomes to which they are aligned are as follows:
Assessment Task 1: 15%
Linked CLOs: 1, 2, 3, 4
Assessment Task 2: 35%
Linked CLOs: 1, 2, 3, 4, 5
Final Examination: 50%
Linked CLOs: 1, 2, 3, 4, 5, 6
Feedback will be provided throughout the semester in class and/or in online forums through individual and group feedback on practical exercises and by individual consultation.