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China - TUST N/A
Session1
Coffs Harbour
Session2
Session2
Gold Coast
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Lismore
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Melbourne N/A
Session2
Online
Session2,3
Session2,3
Papua New Guinea - IBSU Port Moresby
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Unit Summary

Unit type

UG Coursework Unit

Credit points

12

AQF level

7

Level of learning

Introductory

Former School/College

Former School of Business and Tourism

Anti-requisites

ECO00101 Macroeconomics AND ECO00102 Applied Microeconomics

Unit aim

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

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.

GA1: , GA2: , GA3: , GA4: , GA5: , GA6: , GA7:
On completion of this unit, students should be able to: 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:
  6. discuss and examine Australia’s performance in the international economy.
    • GA4:

Prescribed texts

  • Prescribed text information is not currently available.

  • Layton, A, Robinson, T & Irvin B T , 2019, Economics for Today, 6th edn, Cengage Australia, South Melbourne, Victoria. ISBN: 9780730369325.

  • Layton, A, Robinson, T & Irvin B T , 2019, Economics for Today, 6th edn, Cengage Australia, South Melbourne, Victoria. ISBN: 9780730369325.
Prescribed texts may change in future teaching periods.