Diploma of Business Subject Units

Diploma of Business - Part 2

MCD2020 Microeconomics


The purpose of Microeconomics Unit is to provide students with a good understanding of how individuals and firms make rational decisions when faced with scarcity. The key topics we study include demand, supply and market equilibrium, efficiency of the free market, market failure, profit maximising decisions in different market structures, and consumer choice and behavioral economics.



Learning Outcomes

On completion of this unit, students should be able to:

1. Understand the main microeconomic issues associated with the decision
    making by individual consumers and firms
2. Understand concepts relating to the cost of production in both the short and
    long run
3. Explain the differences in price and output outcomes under different market
    structures in both the short and long run and the welfare implications of
    these outcomes
4. Describe the virtues and shortcomings of free markets
5. Have knowledge of remedies to overcome market failure


Assessment Task


Within semester assessment




MCD2080 Business Statistics
MCD2040 Managing People and Organisations
MCD2050 Marketing 1: Marketing Theory and Practice
MCD2070 Business Law
MCD2170 Foundations of Finance
MCD2150 Accounting for Managers
MCD2160 Introduction to Financial Accounting
MCD2090 Macroeconomics
MCD2030 Managerial Communications
MCD2110 Marketing 2: Buyer Behaviour
MCD2140 Business Mathematics (Business Stream)
MCD2130 Functions and their Applications (Commerce Stream)