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Location Domestic International
Melbourne N/A
Online
Session3, 3
Perth N/A
Sydney

Unit Summary

Unit type

PG Coursework Unit

Credit points

12

AQF level

8

Level of learning

Intermediate

Unit aim

Focuses on aspects of microeconomics and macroeconomics of most relevance to managers. The main themes are the market system and what it can accomplish; limitations and failures of markets; government policies and other factors in the macroeconomic environment impacting on business; how issues and government policies with respect to the international economy impact on business. Quantitative analytic techniques for business and economics are introduced and applied.

Unit content

1. Economics foundations

2. Statistics for economists

3. Demand, supply and elasticity

4. Profits, costs and factors of production

5. Competitive firm

6. Monopoly

7. Externalities, public goods and the public sector

8. Gross domestic product

9. Unemployment and inflation

10. Simple linear regression

11. Multiple linear regression

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: Intellectual rigour, GA2: Creativity, GA3: Ethical practice, GA4: Knowledge of a discipline, GA5: Lifelong learning, GA6: Communication and social skills, GA7: Cultural competence
On completion of this unit, students should be able to: GA1 GA2 GA3 GA4 GA5 GA6 GA7
1 apply microeconomic and macroeconomic theory to understanding the behaviour of consumers, businesses, governments and other organisations Intellectual rigour Knowledge of a discipline
2 assess the impacts of economic activity on business, society and the natural environment to inform business decisions applying economic tools and concepts Intellectual rigour Creativity Knowledge of a discipline
3 evaluate the likely impacts on business of various macroeconomic considerations and government policy settings in an open economy to inform business decisions Intellectual rigour Creativity Knowledge of a discipline
4 analyse business and economic data and interpret quantitative analysis to inform business decisions using quantitative analytic techniques. Intellectual rigour Knowledge of a discipline

On completion of this unit, students should be able to:

  1. apply microeconomic and macroeconomic theory to understanding the behaviour of consumers, businesses, governments and other organisations
    • GA1: Intellectual rigour
    • GA4: Knowledge of a discipline
  2. assess the impacts of economic activity on business, society and the natural environment to inform business decisions applying economic tools and concepts
    • GA1: Intellectual rigour
    • GA2: Creativity
    • GA4: Knowledge of a discipline
  3. evaluate the likely impacts on business of various macroeconomic considerations and government policy settings in an open economy to inform business decisions
    • GA1: Intellectual rigour
    • GA2: Creativity
    • GA4: Knowledge of a discipline
  4. analyse business and economic data and interpret quantitative analysis to inform business decisions using quantitative analytic techniques.
    • GA1: Intellectual rigour
    • GA4: Knowledge of a discipline

Prescribed texts

  • Students are encouraged to purchase the online version of the text, which includes Wiley Learning Space (WLS) (http://www.wileydirect.com.au/buy/principles-of-economics-2nd-australian-edition/). WLS includes an electronic version of the text plus additional videos and animations of key economics concepts (for additional details refer to MySCU). Otherwise, you can purchase the print version: Stiglitz JE, Walsh CE, Gow J, Guest R, Richmond W, Tani M, 2016, Principles of Economics, 2nd edn, Wiley, Queensland, Australia. ISBN: 978-0-7303-1985-6.
Prescribed texts may change in future study periods.