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Unit of Study ECO10250 - Economics for Decision Making (2017)

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Unit Snapshot

  • Anti-requisites

    ECO00101 Macroeconomics AND ECO00102 Applied Microeconomics

  • Enrolment information

    It is assumed that you are confident in using a calculator, evaluating formula and have knowledge of basic mathematics including algebra and linear equations and graphs. If you do not feel confident in these areas and/or you have not successfully completed a Year 12 mathematics subject, or equivalent, you should consider enrolling in MAT10706 - Quantitative Methods with Economics (core skills unit) to acquire these quantitative skills

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 1-6)
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

Availabilities

Location Domestic International
China - TUST N/A Session 1
Coffs Harbour Session 2 Session 2
Gold Coast Session 2 Session 2
Lismore Session 2 Session 2
Melbourne N/A Session 2
Online Session 2,  3 Session 3
Papua New Guinea - IBSU Enga Session 2 Session 2
Papua New Guinea - IBSU Port Moresby Session 2 Session 2
Singapore - MDIS N/A Session 2
Sydney N/A Session 2

Learning outcomes and graduate attributes

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:

GA1: Intellectual rigour, GA2: Creativity, GA3: Ethical practice, GA4: Knowledge of a discipline, GA5: Lifelong learning, GA6: Communication and social skills, GA7: Cultural competence
Learning outcome count Learning outcome description GA1 GA2 GA3 GA4 GA5 GA6 GA7
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:

  1. define economics as a discrete field and discuss the major question explored within the discipline
    • GA1:
    • GA4:
    • GA5:
  2. apply demand and supply analysis to explain how prices and output are determined in different markets
    • GA4:
    • GA5:
  3. classify and describe microeconomic reform in contemporary Australia
    • GA4:
  4. summarise the major determinants of the level of economic activity in the macro economy
    • GA1:
    • GA4:
    • GA5:
  5. recognise the key instruments of macroeconomic policy and describe their role in the Australian economy
    • GA1:
    • GA4:
    • GA6:
  6. discuss and examine Australia’s performance in the international economy.
    • GA4:

Prescribed learning resources

Prescribed Texts
  • No prescribed texts.

Prescribed Texts
  • No prescribed texts.

Prescribed Texts
  • No prescribed texts.

Prescribed Learning Resources may change in future Teaching Periods.