Undergraduate - CourseBachelor of Economics

Economics is the science of allocating scarce resources to maximise people's welfare. Economists study both the microeconomic decisions of individuals, business and government, and the macroeconomic behaviour of the economy as a whole.

This course provides a professional education in the disciplines of economics or econometrics and business statistics and is designed to encourage logical thought and detailed analysis of economic issues that can be adapted to a range of careers.

These course outcomes are aligned with the Australian Qualifications Framework level 7, the Bologna Cycle 1 and Monash Graduate AttributesAustralian Qualifications Framework level 7, the Bologna Cycle 1 and Monash Graduate Attributes (http://www.monash.edu.au/pubs/handbooks/alignmentofoutcomes.html).

Upon successful completion of this course it is expected that graduates will:

(a.) be critical and creative scholars who:

• produce innovative solutions to problems
• apply research skills to business challenges
• communicate effectively and perceptively

(b.) be responsible and effective global citizens who:

• engage in an internationalised world
• exhibit cross cultural competence
• demonstrate ethical values

(c.) have comprehensive understanding of their discipline and be able to provide discipline based solutions relevant to the business, professional and public policy communities that we serve

(d.) be able to construct conceptual frameworks and use these to analyse complex issues in the corporate sector, government and the professions.

This course consists of:

• a set of core units which provide an introduction to the key areas of economics, and econometrics and business statistics
• an eight unit major in either actuarial studies, economics, econometrics and business statistics, or financial and insurance mathematics
• free electives.

All students

All single and double degree students must complete the following:

(A.) 16 units (96 points) from the faculty in the Bachelor of Economics at the Clayton campus as follows:

(1.) 12 units (72 points) in the Bachelor of economics comprising:

(a.) six compulsory core units (36 points):

• ECC1000 Principles of microeconomics
• ECC1100 Principles of macroeconomics
• ECC2000 Intermediate microeconomics
• ECC2010 Intermediate macroeconomics
• ETC1000 Business and economic statistics
• ETC1010 Data modelling and computing

(b.) a major of eight units (48 points):*

• the major must come from the approved list of economics majors under 'Areas of study'
• at least two units (12 points) must be completed at each of second and third-year levels

* Note: Depending on the major chosen, one or more of the units in the major may have already been studied as part of the group of common core units - where this is the case, students will complete additional unit/s as detailed below.

(c.) additional units from the faculty in the Bachelor of Economics at the Clayton campus to reach the required minimum of 12 units (72 points)

(2.) four free electives** (24 points) as follows which may be chosen:

• from any Faculty of Business and Economics programs and campuses***
• from disciplines offered by another faculty
• to form a minor (Recommended: philosophyphilosophy (http://www.monash.edu.au/pubs/handbooks/aos/philosophy/ug-arts-philosophy.html) or politicspolitics (http://www.monash.edu.au/pubs/handbooks/aos/politics/ug-arts-politics.html) from the Faculty of Arts)
• from individual units.

Single degree students only

(B.) eight free electives** (48 points) as follows which may be chosen:

• to complete the eight unit Philosophy and politics major listed under 'Areas of study'
• from any Faculty of Business and Economics programs and campuses***
• from disciplines offered by another faculty
• to form minors or a major
• from individual units.

** Note: Students must be able to meet any prerequisites for elective units.

*** Note: Enrolment in units at campuses other than the student's campus of enrolment is subject to there being spare capacity after students from that campus have enrolled.

Elective units can be identified using the browse units toolbrowse units tool (http://www.monash.edu.au/pubs/handbooks/units/search) in the current edition of the handbook. The level of the unit is indicated by the first number in the unit code; undergraduate units are those that commence with the numbers 1-3.

Majors and minors can be identified from the areas of study indexesareas of study indexes (http://www.monash.edu.au/pubs/handbooks/aos/index.html) in the Handbook.

Students may select open elective units from any campus, but should be aware of the teaching location as this may require travel to another campus and have timetabling implications. Students may also select units offered in off-campus mode (Note: The number of off-campus units permitted for international students is limited).

Economics majors

• Actuarial studies
• Econometrics and business statistics
• Economics
• Financial and insurance mathematics

Recommended additional major

Single degree students can also complete the following recommended additional major by using their 48 points of open electives:

• Philosophy and politics

Bachelor of Economics