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Crawford School of Public Policy · ANU College of Law, Governance and Policy
This course is available for on-campus & remote (online) learning. All students participate in interactive, real-time classes. Economic way of thinking examines how people make choices under conditions of scarcity and systems of production, consumption, and distribution. It also examines the effects of government policy and actions on market outcomes. The economic way of thinking provides a decision-making framework for individuals, firms and policy-makers. This course aims to provide students with a solid understanding of basic (micro)economic principles and the ability to apply those tools and ideas. Topics include comparative advantage, consumer and firm decision-making, supply and demand, market structure, international trade, and market failure.
1. Examinable Tutorial Tests (10%)
2. Short Essay (25%)
3. Mid-Semester Exam (25% - redeemable)
4. Final Exam - (40% or 65%)
The course will be delivered over 12 weeks, involving a 2-hour lecture and a 1.5-hour tutorial each week. Students will also be expected to spend a minimum of six hours per week reading the textbook, revising lecture notes and preparing for tutorials. Other Information Delivery mode: on campus, weekly based.
Principles of Economics - Joshua Gans, Stephen King, Robin Ellen Stonecash, Jan Libich, Martin Byford, N. Gregory Mankiw Preliminary Reading Topics and Readings: Week 1 Thinking like an Economist: Chapters 1 and 2. Week 2 The demand side - consumer problem; utility; rational choice: Chapter 4. Week 3 The supply side - producer problem, cost, profit maximisation: Chapter 13. Week 4 Opportunity Cost, Comparative Advantage and Specialization: Chapter 3. Week 5 Supply and Demand: Chapter 7. Week 6 Elasticity: Chapter 5. Week 7 Market distortions - tariffs, subsidies, floors, ceilings, regulation: Chapter 6 Week 8 International Trade and Trade Policy: Chapter 9. Week 9 Firms in competitive markets: Chapter 14. Week 10 Monopoly: Chapter 15. Week 11 Thinking Strategically: Game Theory and Oligopoly: Chapter 17 Week 12 Competition Policy: Chapter 18