Overview

This unit provides students with an introduction to microeconomic and macroeconomic theory with business and government policy applications. Students will use economic concepts to improve decision making in business and government including; how prices and output are set by firms to maximise profit, and how firms respond to changes in market conditions; how key macroeconomic indicators are used to determine macroeconomic conditions and how this information is used by economic agents; the various mechanisms available to the government and reserve bank to address market failure and adverse changes to macroeconomic conditions.

Requisites

Teaching periods
Location
Start and end dates
Last self-enrolment date
Census date
Last withdraw without fail date
Results released date

Learning outcomes

Students who successfully complete this unit will be able to:

  • Use economic indicators and models to understand and analyse real-world situations
  • Use economic concepts and knowledge to understand, explain and evaluate decision making by individuals, firms and government
  • Describe economic outcomes in markets and how these are affected by market structure and the macroeconomic environment
  • Identify appropriate business strategies and government policy to achieve positive outcomes (such as increase profit, reduce market failure, or stabilise macroeconomic fluctuations)
  • Analyse current economic issues and determine/evaluate responses by the relevant economic agents

Teaching methods

Hawthorn

Type Hours per week Number of weeks Total (number of hours)
Face to Face Contact (Phasing out)
Lecture		2.00 12 weeks 24
Face to Face Contact (Phasing out)
Tutorial		1.00 12 weeks 12
Unspecified Learning Activities (Phasing out)
Independent Learning		9.50 12 weeks 114
TOTAL150

Sarawak and Swinburne Online

Type Hours per week Number of weeks Total (number of hours)
Face to Face Contact (Phasing out)
Lecture		1.00 12 weeks 12
Face to Face Contact (Phasing out)
Tutorial		2.00 12 weeks 24
Unspecified Learning Activities (Phasing out)
Independent Learning		9.50 12 weeks 114
Online
Directed Online Learning and Independent Learning		12.50 12 weeks 150
TOTAL300

Assessment

Type Task Weighting ULO's
Assignment 1Individual 10 - 20% 1,2,3,4,5 
ExaminationIndividual 40 - 60% 1,2,3,4,5 
Test 1Individual 15 - 25% 1,2,3,4,5 
Test 2Individual 15 - 25% 1,3,4,5 

Content

  • Economic concepts of opportunity cost and comparative advantage
  • 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.