Overview

This unit introduces students to Microeconomic and Macroeconomic principles and theory. The aim of the unit is for students to evaluate economic decisions made by individuals, businesses and governments. Students will use and interpret economic indicators and communicate economic analysis. Areas examined include business pricing and production decisions, resource use efficiency, and government economic policies.

Requisites

Teaching periods
Location
Start and end dates
Last self-enrolment date
Census date
Last withdraw without fail date
Results released date
Pathways Teaching 2
Location
Hawthorn
Start and end dates
01-July-2024
27-September-2024
Last self-enrolment date
14-July-2024
Census date
26-July-2024
Last withdraw without fail date
16-August-2024
Results released date
08-October-2024
Pathways Teaching 3
Location
Hawthorn
Start and end dates
21-October-2024
31-January-2025
Last self-enrolment date
03-November-2024
Census date
15-November-2024
Last withdraw without fail date
13-December-2024
Results released date
11-February-2025

Learning outcomes

Students who successfully complete this unit will be able to:

  • Use economic concepts and knowledge to analyse and interpret the business and economic environment
  • Analyse and evaluate decision making by individuals, firms and government by using economic principles
  • Use economic models to inform and explain decisions regarding price and production levels
  • Identify and explain micro and macro-economic theory to improve efficient resource use
  • Use theory and analysis to develop arguments supporting economic decisions

Teaching methods

Hawthorn

Type Hours per week Number of weeks Total (number of hours)
Online Contact (Synchronous Lectures) 1 12 weeks  12
Face to Face Contact (Class 1) 2.5 12 weeks  30
Face to Face Contact (Class 2) 2.5 12 weeks  30
Unspecified Learning Activities (Independent Learning) 6.5 12 weeks  78
TOTAL     150

Assessment

Type Task Weighting ULO's
Case StudiesIndividual 20% 1,2,3,5 
Case StudyGroup 30% 1,2,3,4,5 
TestIndividual 25% 1,2,3,4,5 
TestIndividual 25% 1,2,3,4,5 

Content

  • Opportunity cost
  • Market behaviour
  • Market failure
  • Macroeconomic indicators
  • Business cycle and economic growth
  • Government stabilisation policy

Study resources

Reading materials

A list of reading materials and/or required textbooks will be available in the Unit Outline on Canvas.