16633 Microeconomics for Property
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particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
There are course requisites for this subject. See access conditions.
Description
This is a core first-year subject in the Bachelor of Property Economics (C10310). Students are introduced to microeconomic principles and methods in order to apply economic theory in analysing property markets. Microeconomic fundamentals such as demand, supply, prices, elasticity, production and costs are covered, and their effects on the property industry are explored. Market structure and competition as well as market failure are also discussed.
Subject learning objectives (SLOs)
On successful completion of this subject, students should be able to:
| 1. | Apply economic theory in analysing property markets |
|---|---|
| 2. | Source, evaluate and use information within defined parameters |
Course intended learning outcomes (CILOs)
This subject also contributes to the following Course Intended Learning Outcomes:
- Apply economic theory in analysing property markets (P.3)
- Source, evaluate and use information within defined parameters (R.2)
Contribution to the development of graduate attributes
The term CAPRI is used for the five Design, Architecture and Building faculty graduate attribute categories where:
C = communication and groupwork
A = attitudes and values
P = practical and professional
R = research and critique
I = innovation and creativity.
Course intended learning outcomes (CILOs) are linked to these categories using codes (e.g. C-1, A-3, P-4, etc.).
Teaching and learning strategies
The subject is taught through a combination of in-class weekly lectures and flipped learning activities. Students are expected to consistently use the self-managed learning materials from MindTap to prepare for classes. Flipped learning activities include readings and media watching in preparation for in-class activities and practice activities such as online problem sets. These online practice problems, used as formative assessments, provides both students and teachers feedback about current state of learning. In attempting the problem sets, students are provided with immediate feedback including a detailed explanation of each answer.
Detailed feedback will be provided in class after each activitiy. Students are encouraged to meet with the lecturer to discuss any specific issues. It is the student's responsibility to act upon the feedback.
It is expected that students have accessed the self-managed learning materials prior to attempting each exercise.
The section "Program" of this guide provides the detail of the weekly activities students are expected to engage in.
Lectures and reading material is made available to students via Canvas on a weekly basis.
UTS Online. In the course page, you will be able to:
- Download course material
- Access the 5 Progressive Online exercises.
- Keep up to date (via Announcements)
Content (topics)
The topics covered in this subject are:
- Microeconomic fundamentals
- Market failure
- Housing Markets
- Product markets and policies
Assessment
Assessment task 1: 5 Online exercises
| Intent: | There are five progressive online exercises based on the topics covered in lectures and their book chapters. Each exercise is worth 10 marks making a total mark out of 50. Each exercise will be available for three days, from Wednesday to Friday. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 1 and 2 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): P.3 and R.2 | ||||||||||||
| Type: | Quiz/test | ||||||||||||
| Groupwork: | Individual | ||||||||||||
| Weight: | 50% | ||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Assessment task 2: Formal examination
| Intent: | There is a 1.5 hour exam at the end of the semester with a mixture of multiple choice, short answer and worked diagram questions. The exam is worth 50 per cent of the marks for this subject. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 1 and 2 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): P.3 and R.2 | ||||||||||||
| Type: | Examination | ||||||||||||
| Groupwork: | Individual | ||||||||||||
| Weight: | 50% | ||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Minimum requirements
The DAB attendance policy requires students to attend no less than 80% of formal teaching sessions (lectures and tutorials) for each class they are enrolled in to remain eligible for assessment.
A mark of 50% is required to pass this subject.
Required texts
The set text for this subject is Layton et al. 2022. Economics For Today 7ed.This text is available from Cengage as an ebook.