Economics

Objectives

This subject aims to help students:

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

Course Outline

This 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
  • perfect competition, monopoly, oligopoly and monopolistically competitive markets
  • market failure

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

Assessment

Attendance and participation: 10%
Exam: 10%
Final examination: 60%
Mid-semester 2 test: 20%