Overview

This unit aims to provide students with an introduction to microeconomic and macroeconomic theories and how these are applied practices. It seeks to bridge the gap between theory and practice in the context of today’s changing technological landscape by requiring students to apply analytical skills to address industry and government case studies such as: how prices and output are set by firms to maximise profit; how key macroeconomic indicators are employed to assess economic conditions by business decision-makers; and what ESG (environmental, social and governance) policies and best practices are available to deal with different types of market failures.

Requisites

Equivalent units
ECO10004 Economic Principles
Teaching Periods
Location
Start and end dates
Last self-enrolment date
Census date
Last withdraw without fail date
Results released date
Semester 1
Location
Hawthorn
Start and end dates
26-February-2024
26-May-2024
Last self-enrolment date
10-March-2024
Census date
31-March-2024
Last withdraw without fail date
12-April-2024
Results released date
02-July-2024
Teaching Period 2
Location
Online
Start and end dates
08-July-2024
06-October-2024
Last self-enrolment date
21-July-2024
Census date
02-August-2024
Last withdraw without fail date
23-August-2024
Results released date
29-October-2024
Semester 2
Location
Hawthorn
Start and end dates
29-July-2024
27-October-2024
Last self-enrolment date
11-August-2024
Census date
31-August-2024
Last withdraw without fail date
13-September-2024
Results released date
03-December-2024

Learning outcomes

Students who successfully complete this unit will be able to:

  • Identify economic indicators and models to understand and analyse real-world situations.
  • Apply economic concepts and frameworks to understand, explain and evaluate decision-making by individuals, firms and government.
  • Use analytical skills to address problematised industry and government issues in the context of today’s changing technological landscape.
  • Analyse what ESG (environmental, social and governance) policies and best practices are available to private firms and government to deal with different types of market failures including externalities and public goods.
  • Explain contemporary economic issues and determine the optimal responses to stabilise macroeconomic fluctuations.

Teaching methods

Hawthorn

Type Hours per week Number of weeks Total (number of hours)
On-campus
Class
2.00 12 weeks 24
Online
Lecture
1.00 12 weeks 12
Unspecified Activities
Various
9.50 12 weeks 114
TOTAL150

Sarawak and Swinburne Online

Type Hours per week Number of weeks Total (number of hours)
On-campus
Class
2.00 12 weeks 24
Online
Lecture
1.00 12 weeks 12
Unspecified Activities
Various
9.50 12 weeks 114
Online
Directed Online Learning and Independent Learning
12.50 12 weeks 150
TOTAL300

Assessment

Type Task Weighting ULO's
AssignmentIndividual 20 - 30% 1,2,3,4,5 
ExaminationIndividual 40 - 60% 1,2,3,4,5 
Online QuizIndividual 20 - 30% 1,2,3,4,5 

Content

  • Economic concepts of opportunity cost and comparative advantage
  • Demand and supply
  • Elasticity and its applications
  • Production, costs, and technological changes
  • Market Structures: perfect competition, monopoly, monopolistic competition, oligopoly 
  • Externalities and ESG (environmental, social and governance) policies
  • GDP, inequality, growth and technological innovations 
  • Unemployment and inflation 
  • Aggregate demand and aggregate supply analysis
  • Monetary policy
  • Fiscal policy

Study resources

Reading materials

A list of reading materials and/or required textbooks will be available in the Unit Outline on Canvas.