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Domain - Micro Economics
All unit standards registered on the Directory of Assessment Standards may be accessed here.
TOP > Social Sciences > Economic Theory and Practice > Micro Economics
| 0 Qualifications | 18 Assessment Standards (18 Units) | View Education Organisations with Consent to Assess |
Qualifications Domain-full
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Assessment Standards
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Level 4
Investigate the concepts of production and specialisation using economic principles
This standard has expired and is no longer available.
Version 4
8409 Unit Standard 2 Credits
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People credited with this unit standard are able to demonstrate and explain the concepts of opportunity cost, choice, and allocative efficiency using economic principles, and demonstrate and evaluate specialisation using economic principles.
Standard-setting body:
Analyse and explain short-run and long-run costs of production using economic principles
This standard has expired and is no longer available.
Version 4 This unit standard, unit standard 8413 and unit standard 8414 have been replaced by unit standard 26012.
8412 Unit Standard 2 Credits
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People credited with this unit standard are able to analyse the behaviour of the short-run cost of production using economic principles, and analyse the relationship between cost and production in the long-run using economic principles.
Standard-setting body:
Investigate the development, structure, production economics, and market behaviour of an industry
This standard has expired and is no longer available.
Version 4
8427 Unit Standard 4 Credits
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People credited with this unit standard are able to: research the development of an industry; explain the current market structure and analyse the structural change of the industry; describe the production economics of the industry; and analyse the market behaviour of the industry.
Standard-setting body:
Level 5
Analyse economic events using the demand and supply model
This standard has expired and is no longer available.
Version 3 This unit standard and unit standard 26011 replaced unit standard 8410.
26010 Unit Standard 2 Credits
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People credited with this unit standard are able to demonstrate understanding of, and analyse economic events by means of, the demand and supply model.
Standard-setting body:
Apply elasticity concepts to the demand and supply model
This standard has expired and is no longer available.
Version 3 This unit standard and unit standard 26010 replaced unit standard 8410.
26011 Unit Standard 2 Credits
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People credited with this unit standard are able to explain, and interpret the significance of, elasticity using the demand and supply model.
Standard-setting body:
Analyse the behaviour and performance of firms in different market structures
This standard has expired and is no longer available.
Version 3 This unit standard replaced unit standard 8412, unit standard 8413, and unit standard 8414.
26012 Unit Standard 6 Credits
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People credited with this unit standard are able to: analyse the behaviour of the short-run costs of production, and the relationship between cost and production in the long-run, using economic principles; explain the behaviour of firms operating under perfect competition, under monopoly market structure, under a monopolistically competitive market structure, and under an oligopolistic market structure; and evaluate the performance of firms under different market structures.
Standard-setting body:
Analyse economic events using the demand and supply model and elasticity
This standard has expired and is no longer available.
Version 4 This unit standard has been replaced by unit standard 26010 and unit standard 26011.
8410 Unit Standard 2 Credits
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People credited with this unit standard are able to analyse economic events by means of the demand and supply model, and interpret the significance of elasticity levels.
Standard-setting body:
Investigate and analyse consumer behaviour and consumer surplus using economic principles
This standard has expired and is no longer available.
Version 4
8411 Unit Standard 2 Credits
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People credited with this unit standard are able to: explain and demonstrate the theory of individual's consumption decisions using economic principles; predict and analyse the consumer's response to changes in price and income; and derive and explain the level of consumer surplus associated with consumer demand.
Standard-setting body:
Analyse and compare the behaviour and performance of firms under perfect competition and monopoly
This standard has expired and is no longer available.
Version 4 This unit standard, unit standard 8412 and unit standard 8414 have been replaced by unit standard 26012.
8413 Unit Standard 2 Credits
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People credited with this unit standard are able to: analyse the behaviour of firms under perfect competition; analyse the behaviour of firms under monopoly; and analyse and compare the performance of firms under perfect competition and monopoly.
Standard-setting body:
Analyse and describe the behaviour of firms operating under monopolistic competition and oligopoly
This standard has expired and is no longer available.
Version 4 This unit standard, unit standard 8412 and unit standard 8413 have been replaced by unit standard 26012.
8414 Unit Standard 2 Credits
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People credited with this unit standard are able to describe the behaviour of firms operating under monopolistic competition, and analyse the behaviour of oligopoly firms.
Standard-setting body:
Analyse and explain the pricing and allocation of factors of production using economic principles
This standard has expired and is no longer available.
Version 6
8415 Unit Standard 2 Credits
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People credited with this unit standard are able to, using economic principles: analyse and explain the influences determining the price of factors, and analyse the allocation of factors of production.
Standard-setting body:
Investigate market failure and evaluate corrective mechanisms
This standard has expired and is no longer available.
Version 6
8416 Unit Standard 2 Credits
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People credited with this unit standard are able to: describe the causes and analyse the consequences of, and evaluate mechanisms which aim to correct, market failure.
Standard-setting body:
Level 6
Investigate, evaluate, and apply theories of consumer choice using microeconomic principles
This standard has expired and is no longer available.
Version 4
11046 Unit Standard 3 Credits
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People credited with this unit standard are able to: describe the properties of individual utility functions and assess the marginal utility theory of utility maximising consumer choice; describe indifference curves and discuss the fundamental axioms upon which they are constructed; demonstrate consumer equilibrium in the presence of a budget constraint; derive, apply, and analyse the price consumption curve using indifference curve analysis; and derive and analyse the income consumption curve using indifference curve analysis.
Standard-setting body:
Investigate the firm and the theory of production using microeconomic principles
This standard has expired and is no longer available.
Version 4
11047 Unit Standard 3 Credits
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People credited with this unit standard are able to: investigate the nature of the firm; describe the nature of the production function; describe and apply the fundamental laws of production underlying the production function; apply production theory to decisions of resource combinations; and analyse and apply short run and long run cost functions.
Standard-setting body:
Investigate models of market structure using microeconomic principles
This standard has expired and is no longer available.
Version 4
11048 Unit Standard 3 Credits
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People credited with this unit standard are able to: analyse and apply the model of pure competition; analyse and apply the model of pure monopoly; analyse and describe the model of monopolistic competition; and analyse, describe, and apply models and theory of oligopoly.
Standard-setting body:
Investigate the pricing of factors of production using microeconomic principles
This standard has expired and is no longer available.
Version 4
11049 Unit Standard 3 Credits
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People credited with this unit standard are able to: analyse the marginal productivity theory of factor demand; describe and analyse individual labour supply decisions; and describe and analyse the pricing of capital.
Standard-setting body:
Investigate the slope and application of general Equilibrium Theory
This standard has expired and is no longer available.
Version 4
11050 Unit Standard 3 Credits
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People credited with this unit standard are able to describe general equilibrium for a competitive economic system, and analyse and apply general equilibrium theory in connection with the problems of production, consumption, and distribution.
Standard-setting body:
Investigate issues in welfare economics
This standard has expired and is no longer available.
Version 4
11051 Unit Standard 3 Credits
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People credited with this unit standard are able to: analyse and apply conditions required for Pareto optimality; evaluate the efficiency of competitive and non-competitive equilibriums; and investigate criteria for welfare optimisation.
Standard-setting body:
Data as at 28 March 2023