This subject aims to help students:

• gain an understanding of economics as a field of study, and gain a capacity to consider issues from the perspective of economics
• obtain an understanding of basic concepts and principles of economics
• obtain knowledge of major aspects of the Australian economic system
• develop a capacity to think analytically, to discuss and write effectively about economics.

Course Outline

The course, which will inform students about major issues and institutions in the Australian economy, will normally include the following topics:

Microeconomics (Semester 1)

• the nature and method of economics
• supply and demand analysis in the competitive market
• applications of the competitive model
• the concept of market structure
• market failure under perfect competition
• monopoly, oligopoly and monopolistically competitive markets.

Macroeconomics (Semester 2)

•monitoring and understanding the macroeconomy
• GDP as a measure of total production and income, economic growth, jobs and unemployment, CPI and inflation rate, money and the banking system, aggregate expenditure multiplier and the exchange rate
•macroeconomic policies.


Semester 1 exam: 10%
Mid-semester 2 test: 20%
Final examination: 60%
Attendance and participation: 10%

Subject Leader


Ms Vandana Wadhwa
BA(Eco) (Hons), MA(Eco) DSE,
GradDipSecEd Monash,
Med(Lead&Ed Mgt) Melb