Economic Principles

ECO10004 12.5 Credit Points Hawthorn, Online, Sarawak Available to incoming Study Abroad and Exchange students

Duration

  • One Semester or equivalent

Contact hours

  • 36 hours

On-campus unit delivery combines face-to-face and digital learning. For Online unit delivery, learning is conducted exclusively online.

2021 teaching periods

Hawthorn

Higher Ed. Semester 2

Dates:
2 Aug 21 - 31 Oct 21

Results:
7 Dec 21

Last self enrolment:
15 Aug 21

Census:
31 Aug 21
More teaching periods

Swinburne Online

Teaching Period 3

Dates:
8 Nov 21 - 13 Feb 22

Results:
8 Mar 22

Last self enrolment:
21 Nov 21

Census:
3 Dec 21

Last withdraw without fail:
31 Dec 21

Corequisites

Nil
 
Anti-requisites
Completion of a unit that is very similar in content or the content overlaps with another unit. 
 
Alternative Tertiary Entry Program: Students who have passed ECO00002 are exempted from taking this unit and must select another unit in its place with advice from a Course Advice Specialist. 
 
 

Aims and objectives

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.

Students who successfully complete this unit should be able to:
 
1. Use economic indicators and models to understand and analyse real-world situations.
 
2. Use economic concepts and knowledge to understand, explain and evaluate decision making by individuals, firms and government.
 
3. Describe economic outcomes in markets and how these are affected by market structure and the macroeconomic environment.
 
4. Identify appropriate business strategies and government policy to achieve positive outcomes (such as increase profit, reduce market failure, or stabilise macroeconomic fluctuations).
 
5. Analyse current economic issues and determine/evaluate responses by the relevant economic agents.