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.................................... 17
Excess Capacity and Over-utilization..................................................................... 20
Tutorial Questions ................................................................................................... 21
Topic 5 – Market structure .............................................................................23
Introduction ............................................................................................................. 23
Readings .................................................................................................................. 24
Objectives ................................................................................................................ 24
Perfect Competition................................................................................................. 25
Monopoly................................................................................................................. 25
Monopolistic Competition...................................................................................... 26
Oligopoly................................................................................................................. 26
Tutorial Questions ................................................................................................... 27

Topic 1 – Introduction to economics
This first topic introduces you to the discipline of economics and discusses some of the main concepts that underpin the economic method of analysis. We begin by considering the nature of microeconomics and how it differs from macroeconomics.
Some fundamental economic concepts are introduced in this topic, which will Forman essential foundation to your future work in this unit. The economic problem is about making alternative choices in the use of scarce resources, involving such basic concepts as scarcity, choice and opportunity cost.
In its function in the real world, economics concerns itself with theory, models and the use of graphs to depict and analyze economic data. The topic considers all of these areas and introduces the important assumption of ceteris paribus, which enables economists to focus on individual variables or small models which are abstractions from the total economy.
The topic then builds upon the earlier concept of opportunity cost in a discussion of the production possibility frontier, specialization, competitive advantage, marginal cost, marginal benefit and the efficient use of resources.

Topic 2 – Markets
Introduction
The entry of Jet Star into the Australian aviation market resulted in an immediate reduction in some fares and an increase in the number of people flying in Australia. The market on some airline routes has changed considerably because of Jet Star’ sentry resulting in substantial changes in supply and demand. An understanding of the concepts of demand and supply and how they interact in markets is the foundation for any study in economics. Most of the topics in this unitary based upon the existence and operation of markets. It is important that you spend time understanding the different forces that determine demand and supply and beagle to use the resulting interaction of demand and supply curves to explain the operation of markets and the determination of equilibrium price levels.

Demand
Buyers and sellers make contact with each other through a m本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。