Business School School of Economics ECON 2101 Microeconomics 2 Course Outline Semester 1‚ 2015 Part A: Course-Specific Information Students are also expected to have read and be familiar with Part B Supplement to All Course Outlines. This contains Policies on Student Responsibilities and Support‚ Including Special Consideration‚ Plagiarism and Key Dates. It also contains the Business School PROGRAM LEARNING GOALS. business.unsw.edu.au CRICOS Code 00098G Table of Contents 1 STAFF CONTACT
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Trends in Consumption Patterns This article is designed to: 1. define economics‚ 2. define microeconomics‚ 3. define law of supply‚ 4. define the law of demand‚ and 5. to identify the factors that lead to a change in supply and a change in demand. Economics is defined as: The social science that deals with the production‚ distribution‚ and consumption of goods and services and with the theory and management of economies or economic systems (www.answers .com accessed 02Oct07). Basically I believe
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Chapter 1 Introduction You must have already been introduced to a study of basic microeconomics. This chapter begins by giving you a simplified account of how macroeconomics differs from the microeconomics that you have known. Those of you who will choose later to specialise in economics‚ for your higher studies‚ will know about the more complex analyses that are used by economists to study macroeconomics today. But the basic questions of the study of macroeconomics would remain the same and you
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two parts: Microeconomics and Macroeconomics. Microeconomics studies the actions of the individual actors within the economy‚ such as buyers‚ sellers‚ and businesses. Additionally‚ microeconomics allows the actors to differentiate the values from one decision to another. While macroeconomics examines a larger picture of the economy by studying the employment‚ incomes‚ inflations‚ gross domestic product‚ input and export‚ and environment (Rice University‚ n.d). An example of microeconomics phenomenon
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MICROECONOMICS 1 CONSUMER AND PRODUCER THEORY Lecturers: Marcel Kohler & Devi Tewari Rooms: Westville‚ J-Block‚ Room 367 & 362 Objectives: This course aims to develop students’ understanding and ability to explain real-world economic phenomena with the help of microeconomic principles. In this first module‚ we try to establish what drives the behaviour of consumers and producers in an economy by focussing on explanations of how they attempt to maximise their well-being‚ subject to certain constraints
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decision as analyzed below. Supply and demand is a fundamental analytical concept of microeconomics stating that price determination is set when the quantity of a good or services supplied meets the quantity demanded (Colander‚ 2010). The idea of demand represents the general activities of wants and desires demanded by consumers‚ whereas supply indicates those of producers. Another concept of microeconomics determined by the point of interaction in which quantity of supply equals to quantity of
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the simulation shows the effects of things like new employers moving into the area‚ rent control laws being put into effect and the change in trend from apartments to homeownership and back again. Microeconomics Versus Macroeconomics In this simulation‚ concepts from the study of both microeconomics and macroeconomics are observed. Macroeconomics covers factors that affect the whole economy of an area‚ not just one company. Events such as scenario four’s introduction of Lintech into the area
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how the price elasticity of demand affects a consumer’s purchasing and the firm’s pricing strategy Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic. The concepts of supply and demand‚ as well as‚ scarcity are two examples of microeconomics that can be seen from the simulation. I have decided to categorize these as such because these concepts will have
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Macro And Micro Economics Micro Economics:- Microeconomics is a branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households. It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers. In particular‚ microeconomics focuses on patterns of supply and demand and the determination of price and output in individual
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MARKETING DEGREE 2ND. COURSE MICROECONOMICS SET OF EXERCISES N.1 LESSON 1 1. Write a glossary with five words you consider the most important ones to explain what Economics is. 2. Assume you are solving five exercises of Microeconomics. In this task you need to expend half an hour for each of them. Every exercise is worth two points‚ and it is needed 6 points over 10 to pass this evaluation. Your available time is five hours to do whatever you want to do. In this period you have also
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