Standard Term 1 & 2
(Commerce & Commerce Actuarial Streams)
Economics is a compulsory area of study in all Commerce/ Business courses at Australian universities. This Foundation subject aims at providing a broad introduction covering many of the major topic areas offered at first year undergraduate level.
The aim of Economics is to give students the basic tools to “think like an economist”, that is be able to understand basic economic principles and to ask question about how the world works, why people and businesses make decisions and what are the implication of government policies on these decisions.
The course covers Microeconomics in Term 1 and Macroeconomics in Term 2
Microeconomics: topics covered will include opportunity cost, comparative advantage and how individuals or firms make decisions about the demand or supply of a product. It will evaluate the costs and benefits of government intervention in markets, due to market failures. A range of market structures will be examined from perfect competition to monopoly.
Macroeconomics: Definition and measurement of key macroeconomic variables such as output, employment, inflation, interest and exchange rates in the Australian context. An aggregate demand/supply model will be developed and theories to explain the behaviour of macroeconomic variables. In the course students will examine and interpret current economic statistics and illustrate how governments use various policies to influence economic outcomes.
In addition to attendance at lectures and tutorials students are expected to read economic texts and prepare formal tutorial answers. They are also expected to communicate economic ideas and concepts through oral and written tasks and to work independently and in groups to achieve course learning outcomes.
There is no pre-requisite knowledge for this course, however, competence in high school mathematics and an ability to draw and interpret graphs is an advantage.