Economic Principles
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: Results: Last self enrolment: Census: Last withdraw without fail: |
Swinburne Online
| Teaching Period 3 | ||
|---|---|---|
Dates: Results: Last self enrolment: Census: Last withdraw without fail: |
Prerequisites
Nil
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.
5. Analyse current economic issues and determine/evaluate responses by the relevant economic agents.
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).
Unit information in detail
- Teaching methods, assessment, general skills outcomes and content.
Teaching methods
Face to Face Mode:
Blended (Kaplan):
Face to Face scheduled hours: Lectures in Singapore face to face (4 x 4 hrs)
Online: Engaging with online content and discussions
Online Mode: OUA and SOL
Student workload:
This includes all:
• Scheduled teaching and learning events and activities (contact hours timetabled in a face-to-face teaching space) and scheduled online learning events (contact hours scheduled in an online teaching space), and
• Non-scheduled learning events and activities (including directed online learning activities, assessments, independent study, student group meetings, and research).
To be successful, students should:
• Attend and engage in all scheduled classes (face to face or online)
• Start assessment tasks well ahead of the due date, and submit assessments promptly
• Read / listen to all feedback carefully, and consider it for future assessment
• Engage with fellow students and teaching staff (don’t hesitate to ask questions)
Assessment
Test 1 (Individual) 15 - 25%
Test 2 (Individual) 15 - 25%
Assignment 1 (Individual) 10 - 20%
Final Examination (Individual) 40 - 60%
General skills outcomes
During this unit students will receive feedback on the following key generic skills:
• Problem solving skills
• Analysis skills
• Communication skills
• Ability to tackle unfamiliar problems
• Ability to work independently
• Problem solving skills
• Analysis skills
• Communication skills
• Ability to tackle unfamiliar problems
• Ability to work independently
Content
• Market behaviour
• Market failure
• Macroeconomic indicators
• Business cycle and economic growth
• Government stabilisation policy
Study resources
- Reading materials.
Reading materials
Students are advised to check the unit outline in the relevant teaching period for appropriate textbooks and further reading.