This subject will inform you about major issues and institutions in the Australian economy. It aims to help you:

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

Course Outline

Semester 1: Microeconomics

  • The nature and method of economics
  • Supply and demand analysis in the competitive market
  • Applications fo the competitive model
  • The concept of market structure
  • Perfect competition, monopoly, oligopoly and monopolistically competitive markets
  • Market failure

Semester 2: Macroeconomics

  • 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


Exam: 10%
Mid-semester test: 20%
Final exam: 60%
Attendance and participation: 10%