AUSTRALIAN CATHOLIC UNIVERSITY 
ECON106 - Microeconomics 1: Theory and Applications
Final Examination Guide and Notes 2023
 
Part 01. Revision Notes
Part 02. Sample Final Examination Paper
Part 03. Suggested Solutions to Final Exam Paper
Part 04. Final Examination - Hints and Tips
 
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Australian Catholic University - ECON106 Microeconomics 1: Theory & Applications

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ACADEMIC YEAR 2022 - 2023

University	Australian Catholic University
Study Level	Undergraduate
Unit Code	ECON106
Unit Name	Microeconomics 1: Theory and Applications
Notes Title	Final Examination Guide and Notes
Page Length	120

A comprehensive and easy-to-understand set of notes covering all lecture content and examinable topics for the ECON106 - Microeconomics 1: Theory and Applications, Australian Catholic University. These notes are colour coded and organised in an understandable way. It offers vital information on exam format, what will be on the exam and key concepts you should be focusing your studies on. Concepts and principles aren't simply named or described in passing, but are explained in detail. You can use these notes as a reference, to understand the topics better and improve your grades in the final examination.

Economics is fundamentally about everyday life and microeconomics analyses the decisions made by individuals, businesses, the government and society about resource use. Underpinning this unit is the important economics concepts of scarcity and opportunity cost. This unit will introduce students to the choices that are made, alternatives foregone, and the consequences of these decisions. Students will address the current economic problems that the consumer and firm face in the microeconomy.

Topics covered in the unit include:

The economic problem arising from scarcity, the issues of resource allocation and economic efficiency and the role of economics in personal and business decision-making;
Economic systems of the First Peoples
Economic choices and questions of the First Peoples
Consumer and demand
The factors affecting supply
Market Equilibrium and the role of the price mechanism in the market
Elasticity
Firm production, decisions and costs of the firm
Market failures (externalities, public goods, imperfect information and market power)
The hybrid economy framework
Markets and hybrid economy
The role of government in setting incentives and intervening in the economy
Market structures and firm behaviour

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Australian Catholic University - ECON106 Microeconomics 1: Theory & Applications

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