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