WESTERN SYDNEY UNIVERSITY

ECON 1014: Consumers, Firms and Markets

* Final Examination Guide and Notes 2024

- 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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Western Sydney University - ECON 1014: Consumers, Firms and Markets (Solutions)

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ACADEMIC YEAR 2023 - 2024

University	Western Sydney University
Study Level	Undergraduate
Subject Code	ECON 1014
Subject Name	Consumers, Firms and Markets
Notes Title	Final Examination Guide and Notes
Format	PDF
Page Length	121

* Reinforce and practise skills learned with step-by-step support from our top tutors in ECON 1014: Consumers, Firms, and Markets at Western Sydney University to help you achieve your maximum potential. This comprehensive revision guide covers everything examinable for the subject, including the latest updated content. It thoroughly explores every learning outcome that can be tested, providing in-depth explanations and diagrams to aid retention. This guide is extremely helpful for revising all topics and preparing for the exam.

This subject is an introduction to microeconomics. It provides students with an understanding of basic concepts such as value, rational consumer behaviour, the behaviour of firms in various market structures, the efficiency and failings of markets, the distribution of wealth and income, and the role of government regulation and intervention. It illuminates these concepts by considering and debating their application to contemporary economic and social issues such as: the influence of marketing on consumer choices, the concentration of market power in Australian industries, rising income and wealth inequality, minimum wage laws, and governmental responses to environmental problems and climate change. The subject ECON 1014: Consumers, Firms, and Markets is equivalent to ECON 1002: Consumers, Firms, and Markets (WSTC) and MKTG 1005: Consumers, Firms, and Markets.

✔ Subject Content

Core microeconomic concepts
Demand and supply
Elasticities of demand and supply
Market equilibrium
Market welfare: efficiency and government intervention
Externalities and public goods: efficiency and government intervention
Market structures and firms: short run outcomes
Market structures and firms: long run outcomes
Strategic choices: game theory
Labour markets: demand and supply
Labour markets: power, institutions, discrimination
Inequality, poverty, fairness and justice

SUBJECT CODE	SUBJECT NAME
ACCT 1005	Accounting in Context
ACCT 1010	Management Accounting Fundamentals
ACCT 2005	Techniques in Financial Accounting
ACCT 3003	Accounting Standards and Governance
BUSM 1027	Organisational Behaviour
ECON 1003	Financial Institutions and Markets
ECON 1006	Introduction to Economic Methods
ECON 1011	Principles of Economics
ECON 1013	The Australian Macroeconomy
ECON 1014	Consumers, Firms and Markets
ECON 2002	Corporate Financial Management
ECON 2007	Macroeconomic Theory
ECON 3001	Applied Econometrics
ECON 3003	Derivatives
ECON 3006	Economic and Financial Modelling
FINC 3008	Investment Management
FINC 3015	Security Analysis and Business Valuation
LAWS 1001	Enterprise Law
LAWS 3070	Taxation Law
MATH 1030	Statistics for Business
MKTG 1006	Marketing Principles

Western Sydney University - ECON 1014: Consumers, Firms and Markets (Solutions)

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