Year
2021
Units
4.5
Contact
1 x 1-hour tutorial weekly
1 x 2.5-hour seminar weekly
Enrolment not permitted
BUSN9205 has been successfully completed
Topic description

This topic introduces the economic principles that can usefully guide the decision-making processes of consumers, businesses and other organisations including purchasing, pricing, production and investment decisions. lt considers these decision processes in different competitive market environments. The topic also introduces the workings of the overall economy. lt focuses on national output and expenditure, inflation, unemployment and international economic relationships including trade and capital flows and the role of fiscal and monetary policies.

Educational aims

This topic aims to:

  • Examine the economic principles that guide the decision making processes of consumers, businesses and other organisations including purchasing, pricing, production and investment decisions
  • Identify the workings of the overall economy
  • Investigate national output and expenditure, inflation, unemployment and international economic relationships on fiscal and monetary policies
Expected learning outcomes
On completion of this topic you will be expected to be able to:

  1. Identify the basic economic issue of scarcity, choice and opportunity cost, how markets allocate resources and outputs, and the role of marginal analysis in decision making
  2. Identify the role of comparative advantage and the gains from trade, the role of prices in a market system. Evaluate how market structure affects prices and output
  3. Analyse economic behaviour of consumers and firms, and explore how they respond to changes in the opportunities and constraints that they face and how they interact in markets
  4. Identify strategic considerations when making choices. Predict how other people or organizations behave when they are in strategic settings
  5. Identify information problems in economics and acquire the ability to clearly illustrate the analysis of information problems through the application of economic principles such as rationality and efficiency
  6. Evaluate the role government plays in a market economy. Identify how economic principles affect individuals’ lives
  7. Identify the process of how the nation’s output of goods and services is measured
  8. Analyse the income and expenditure approaches to measuring national output and national income
  9. Clearly illustrate the specific roles and functions of Monetary and Fiscal policy in the economy and explain how these are applied to the process of stabilising the economy, specifically with regard to controlling inflation, promoting full employment and facilitating economic growth
  10. Identify the impact of globalisation on the domestic economy. Examine the relationship between

Key dates and timetable

(1), (2)

Each class is numbered in brackets.
Where more than one class is offered, students normally attend only one.

Classes are held weekly unless otherwise indicated.

FULL

If you are enrolled for this topic, but all classes for one of the activities (eg tutorials) are full,
contact your College Office for assistance. Full classes frequently occur near the start of semester.

Students may still enrol in topics with full classes as more places will be made available as needed.

If this padlock appears next to an activity name (eg Lecture), then class registration is closed for this activity.

Class registration normally closes at the end of week 2 of each semester.

Classes in a stream are grouped so that the same students attend all classes in that stream.
Registration in the stream will result in registration in all classes.
  Unless otherwise advised, classes are not held during semester breaks or on public holidays.