General
The Bachelor of Economics degree provides for a compulsory study of economics at first and second-year level, and a compulsory study of statistics at first year. The degree requires students to undertake a three-year specialisation in one of the areas of economics, econometrics or economic history.A second three-year major sequence may be taken in these disciplines or in accounting and finance or a discipline from another faculty. Such disciplines include languages, mathematics, computing, business systems, the social sciences, sciences and humanities.
The course structure of the degree is shown in chart 6 in the section `Charts of degree structures'. Students may not complete a management studies specialisation within this degree. Those wishing to do so should enrol for the Bachelor of Commerce degree.
Course objectives
On completion of the Bachelor of Economics degree students should:
* have acquired substantial knowledge of the economic principles, the quantitative and computing methods, and the logical processes necessary for analysing the forces that affect the behaviour of households, business enterprises, governments and the economy as a whole;
* have developed an ability to apply their theoretical training effectively to the solution of practical problems in a wide range of decision-making environments and careers in business, the public sector, and the professions;
* be able to communicate effectively, both orally and in writing, in their areas of expertise;
* have a clear understanding of the workings of the Australian economy, of its institutional arrangements, and of its interactions with the world economy;
* have had the opportunity to develop the skills, knowledge and motivation necessary for postgraduate study and research;
* have developed specialised skills and knowledge in one or more of the disciplines taught within the Faculty (including economics, econometrics, accounting and finance, economic history and management), combined with the opportunity to acquire skills and knowledge in out-of-faculty disciplines (such as languages, computing or the sciences);
* have a continuing commitment to and capacity for independent critical thought and further learning.
Course structure
To complete the requirements of the Bachelor of Economics degree, students must complete a total of twenty-four subjects or subjects to the value of 144 credit points, of which eight subjects should normally be taken at each of the three levels of the course. All first, second and third-year subjects offered by the Faculty of Business and Economics have a credit value of six points. Full-time students are expected to progress at the rate of eight subjects or forty-eight credit points per year. The minimum completion time is three years of full-time study or eight years part-time. First-year students may not normally take a second-year subject until at least four first-year subjects have been successfully completed. It should be noted that subjects in the later years of the course have prerequisites and corequisites. In addition, students are normally expected to take subjects in a yearly sequence even if there are no prerequisite subjects specified.
First year
1 The compulsory subjects of ECO1000 (Economics), ECO1010 (Economics), ECM1020 (Business and economic statistics) and ECM1031/2 (Business and economic statistics).
2 Two first-year subjects drawn from one of the departments of Economics, Accounting and Finance or another faculty.
3 Two further first-year subjects drawn from any one or two disciplines taught by the departments of Economics, Accounting and Finance or by another faculty.
Approval for selection of subjects in first year must be obtained from the dean of the faculty or the dean's nominee. Students are cautioned in the selection of subjects from two different disciplines in point 3 above, as this may not be sufficient for progress into the second year of these disciplines, where prerequisites exist.
Second year
1 The compulsory subjects of ECO2020 (Intermediate microeconomics) and ECO2030 (Intermediate macroeconomics).
2 Two second-year subjects drawn from one of the departments of Economics or Econometrics (Clayton).
3 Two second-year subjects drawn from one of the departments of Economics, Econometrics (Clayton), Accounting and Finance or from another faculty.
4 Two other second-year subjects, not necessarily from the same discipline, subject to the constraint that not more than six subjects taken in second year be from economics, nor more than four subjects from econometrics. Students may choose to substitute two first-year subjects for these two second-year subjects. These subjects may be from any faculty.
Third year
1 Three third-year subjects drawn from one of the departments of Economics or Econometrics (Clayton).
2 Two third-year subjects drawn from one of the departments of Economics, Econometrics (Clayton), Accounting and Finance or from another faculty.
3 Any other three third-year subjects from any discipline from any faculty; up to two second-year subjects may be substituted for up to two third-year subjects.
Progression to Bachelor of Economics (Honours)
Students whose academic performance is considered of sufficient standard may complete a fourth year in one of the specialisations of accounting and finance, economics, economic history or econometrics and be awarded the Bachelor of Economics degree with honours. It is also possible to undertake a joint fourth-year honours course in either the departments of Accounting and Finance and Econometrics, or the departments of Economics and Econometrics.
It should be noted that the fourth honours year is usually required to be undertaken on a full-time basis, but the head of the department may give permission for the year to be completed on a part-time basis in certain circumstances.
First and second year
The selection of subjects in first and second year is the same as for the pass degree. Students wishing to attempt an honours degree should normally have gained at least credits in the subjects taught by the department in which they intend to take honours. Students who do not obtain credits in the first year of the course but who obtain a credit average in second year may also be considered for honours candidature.
Third year
In their third year of full-time study students will be required to select a third-year honours specialisation. Students who wish to enrol in one of the honours courses should apply to the head of the department concerned at the time of re-enrolment. Some departments require students to enrol in an additional, unweighted honours subject.
* Accounting and Finance: No special third-year honours subject. Students who are likely to proceed to fourth-year honours are invited to attend separate honours tutorials in their main third-year accounting subjects.
* Econometrics: Students must take at least three third-year econometrics subjects plus the third-year honours subject ECM3470 (Econometrics (pre-honours)).Students should normally include ECM3400 and ECM3410. The other appropriate third-year subjects are ECM3430, ECM3450, ECM3460 and ECM3480.
* Economic History: Students must take at least three third-year economic history subjects plus the third-year honours subject EC03580 (Economic history (honours)).
* Economics: Students must take at least four third-year economics subjects, including ECO3855 (Topics in economics), plus the third-year honours subject ECO3850 (Economics (honours)).
Students who have not completed an honours subject in third year will be required to do additional work over the vacation period prior to entering the fourth-year honours course.
For specific information on the structure and requirements of the honours specialisations available in the departments of Accounting and Finance, Economics and Econometrics, please see the section `Honours degrees' at the end of this chapter.