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To most people, economics is the science of ‘money and wealth’ – from personal finances to a nation’s growth. But the discipline is much broader than this. In truth, economics is the science of how people make decisions and what drives them to make some decisions rather than others.
This microcredential will guide you through the foundations of the standard economics of decision-making, highlighting the contributions of behavioural economics. You will become familiar with key economic concepts such as incentives, marginal utility, opportunity costs and unintended consequences. You will delve into the issues raised by individual incentives aimed at influencing decision making. You will also explore the challenges for markets, organisations and policy, learning about concepts such as asymmetry of information, moral hazard, signalling, incomplete contracts, welfare analysis and public choice. This course will leave you with greater acumen in making and assessing economic decisions – both as an individual and for your organisation.
This microcredential has been designed to equip participants to understand:
This microcredential aligns with the 3 credit point subject, Rationality and Incentives (23714) in the Graduate Certificate in Behavioural Economics (C11299), Graduate Diploma in Applied Policy (C06121) and Master of Applied Policy (C04323).
This microcredential may also qualify as recognition of prior learning at this and other institutions.
Full price: $2,536 (GST-free)*
*Price subject to change. Please check price at time of purchase.
Discounts are available for this course. For further details and to verify if you qualify, please check the Discounts section under Additional course information.
COVID-19 response
Module 1 – The Economic approach
In this module we will review the key foundations of the standard economics of decisions. Concepts covered in this module are a prerequisite to understanding the contributions of behavioural economics.
Topics covered include:
Foundations
Key economic ideas
Trade-offs with risk and time
Module 2 – The Challenge of incentives
In this module, we delve into the challenges raised by individual incentives, dividing this into challenges in markets, organisations and for policy.Topics covered include:
In markets
In organisations
In policy
Important information - participants will receive access to all learning materials in the three weeks before the official course start date. During this time, participants are strongly encouraged to commence working through the course materials in preparation for the first supported learning session, marking the official course start date.
This course is taught through a blend of online resources, self-directed study and four live Q&A sessions. Course content will be presented to participants in a variety of formats (lecture slides, notes, videos, articles) and delivered online via the UTS Open Canvas learning management system.
At the beginning of each unit, participants are expected to review materials and complete tasks on their own before attending online review sessions with the lecturer, spread across the learning period. Materials will be provided to participants on the learning management system but participants are also expected to seek information independently.
Specific insights from economic thinking will be taught through principles and applications, with discussion of many examples where economic thinking cast useful light in understanding a ‘puzzle’ or problem.
On successful completion of this microcredential, participants should be able to:
There are two individual assessment tasks for this microcredential.
Task 1: Online quiz (weight: 40%)
This assessment requires the participant to answer a series of short questions about the course content covered so far.
Task 2: Report (weight: 60%)
Participants will be provided with documents about a policy. They will be asked to analyse the likely economic consequences of the policy, applying knowledge gained during the course. They will present their analysis in the form of a report to a third party.
In order to pass the microcredential, participants must achieve at least 50% of the course’s total marks and complete both assessments.
Mandatory
Discounts are available for this course as follows:
Discounts cannot be combined and only one discount can be applied per person per course session. Discounts can only be applied to the full price. Discounts cannot be applied to any offered special price.
How to obtain your discount voucher code
How to apply your discount voucher
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START DATE |
29 August |
|
MODE |
Online |
|
DURATION |
7 wks |
|
COMMITMENT |
Avg 10 hrs p/w |
Liqing is currently undertaking her PhD in Economics through the UTS Business School, where she also completed her Bachelor of Business in 2018, majoring in economics and finance – for which she was awarded both First Class Honours with the University Medal in Economics and the Dean’s Merit Award.
Liqing's main research interests are applied microeconomics and behavioural economics. In particular, she hopes to extend her research into the role of social networks and media in shaping behaviours and economic outcomes.
Self-managed enrolments close at 6.59pm 29 August 2022. If you anticipate a late enrolment, please email business.micros@uts.edu.au.
Self-managed enrolments close at 6.59pm 24 October 2022. If you anticipate a late enrolment, please email business.micros@uts.edu.au.
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