Unit aim
This unit introduces students to an understanding of price formation and market structures, the tools of economic analysis, the behaviour of the consumer, government and the firm and the external and internal forces influencing that behaviour, especially in the current Australian economic environment.
Unit content
Section 1: Microeconomics (Topics 1-6)
Topic 1: Introduction to Economics
Topic 2: Market: Demand & Supply
Topic 3: Markets: Elasticity
Topic 4: Supply Decisions
Topic 5: Market structure: Perfect Market & Monopoly
Topic 6: Market Failure & Government Policy
Section 2: Macroeconomics (Topics 7-11)
Topic 7: Introduction to Macroeconomics
Topic 8: The Determinants of Gross Domestic Product
Topic 9: Money, Credit Creation & Inflation
Topic 10: The Global Economy
Topic 11: Monetary & Fiscal Policy
Learning outcomes
Unit Learning Outcomes express learning achievement in terms of what a student should know, understand and be able to do on completion of a unit. These outcomes are aligned with the graduate attributes. The unit learning outcomes and graduate attributes are also the basis of evaluating prior learning.
Learning outcomes and graduate attributes
GA1: Intellectual rigour,
GA2: Creativity,
GA3: Ethical practice,
GA4: Knowledge of a discipline,
GA5: Lifelong learning,
GA6: Communication and social skills,
GA7: Cultural competence| On completion of this unit, students should be able to: | GA1 | GA2 | GA3 | GA4 | GA5 | GA6 | GA7 |
|---|
| 1 | define economics as a discrete field and discuss the major question explored within the discipline | Intellectual rigour | | | Knowledge of a discipline | Lifelong learning | | |
| 2 | apply demand and supply analysis to explain how prices and output are determined in different markets | | | | Knowledge of a discipline | Lifelong learning | | |
| 3 | classify and describe microeconomic reform in contemporary Australia | | | | Knowledge of a discipline | | | |
| 4 | summarise the major determinants of the level of economic activity in the macro economy | Intellectual rigour | | | Knowledge of a discipline | Lifelong learning | | |
| 5 | recognise the key instruments of macroeconomic policy and describe their role in the Australian economy | Intellectual rigour | | | Knowledge of a discipline | | Communication and social skills | |
| 6 | discuss and examine Australia’s performance in the international economy. | | | | Knowledge of a discipline | | | |
On completion of this unit, students should be able to:
- define economics as a discrete field and discuss the major question explored within the discipline
- GA1:
Intellectual rigour
- GA4:
Knowledge of a discipline
- GA5:
Lifelong learning
- apply demand and supply analysis to explain how prices and output are determined in different markets
- GA4:
Knowledge of a discipline
- GA5:
Lifelong learning
- classify and describe microeconomic reform in contemporary Australia
- GA4:
Knowledge of a discipline
- summarise the major determinants of the level of economic activity in the macro economy
- GA1:
Intellectual rigour
- GA4:
Knowledge of a discipline
- GA5:
Lifelong learning
- recognise the key instruments of macroeconomic policy and describe their role in the Australian economy
- GA1:
Intellectual rigour
- GA4:
Knowledge of a discipline
- GA6:
Communication and social skills
- discuss and examine Australia’s performance in the international economy.
- GA4:
Knowledge of a discipline
Prescribed texts
Session 1
- Sloman, J, Norris, K & Garrett, D, 2014, Principles of Economics, 4th edn, Pearson Australia, Frenchs Forest, NSW. ISBN: 9781486005581 (paperback).
Session 2
- Please refer to optional online resources outlined below regarding the text/ebook package. The text is: Sloman, J, Norris, K & Garrett, D, 2014, Principles of Economics, 4th edn, Pearson Australia, Frenchs Forest, NSW. ISBN: 9781486005581 (paperback).
Session 3
- Please refer to optional online resources outlined below regarding the text/ebook package. The text is: Sloman, J, Norris, K & Garrett, D, 2014, Principles of Economics, 4th edn, Pearson Australia, Frenchs Forest, NSW. ISBN: 9781486005581 (paperback).
Prescribed texts may change in future study periods.