Availabilities:
| Location | Domestic | International |
|---|
| China - TUST | N/A | |
| Coffs Harbour | | |
| Gold Coast | | |
| Lismore | | |
| Melbourne | N/A | |
| Online | | |
| Papua New Guinea - IBSU Port Moresby | | |
| Perth | N/A | |
| Sydney | N/A | |
Unit description
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 1-3)
Topic 1a: Introduction to Economics
Topic 1b: Market: Demand & Supply
Topic 2a: Markets: Elasticity
Topic 2b: Supply Decisions
Topic 3a: Market structure: Perfect Market & Monopoly
Topic 3b: Market Failure & Government Policy
Section 2: Macroeconomics (Topics 4-6)
Topic 4a: Introduction to Macroeconomics
Topic 4b: The Determinants of Gross Domestic Product
Topic 5a: Money, Credit Creation & Inflation
Topic 5b: The Global Economy
Topic 6: 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.
| On completion of this unit, students should be able to: |
|---|
| 1 | define economics as a discrete field and discuss the major question explored within the discipline |
| 2 | apply demand and supply analysis to explain how prices and output are determined in different markets |
| 3 | classify and describe microeconomic reform in contemporary Australia |
| 4 | summarise the major determinants of the level of economic activity in the macro economy |
| 5 | recognise the key instruments of macroeconomic policy and describe their role in the Australian economy |
| 6 | discuss and examine Australia’s performance in the international economy. |
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
- apply demand and supply analysis to explain how prices and output are determined in different markets
- classify and describe microeconomic reform in contemporary Australia
- summarise the major determinants of the level of economic activity in the macro economy
- recognise the key instruments of macroeconomic policy and describe their role in the Australian economy
- discuss and examine Australia’s performance in the international economy.
Prescribed texts
- Layton, A, Robinson, T & Irvin B T , 2019, Economics for Today, 6th edn, Cengage Australia, South Melbourne, Victoria. ISBN: 9780170410830.
- Layton, A, Robinson, T & Irvin B T , 2019, Economics for Today, 6th edn, Cengage Australia, South Melbourne, Victoria. ISBN: 9780170410830.
- Prescribed text information is not currently available.
Prescribed texts may change in future study periods.