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Unit of Study ECON1001 - Economics for Decision Making (2021)

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Unit Snapshot

  • Anti-requisites

    ECO00101 Macroeconomics AND ECO00102 Applied Microeconomics

  • Enrolment information

    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

Availabilities

Location Domestic International
China - TUST N/A
Session1
Gold Coast
Session2
Session2
Melbourne N/A
Session2
Online
Session2,3
Session2,3
Papua New Guinea - IBSU Port Moresby
Session2
Session2,3
Perth N/A
Session2
Sydney N/A
Session2

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:

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 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.