Faculty of Business and Economics

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This unit entry is for students who completed this unit in 2016 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

Monash University

6 points, SCA Band 3, 0.125 EFTSL

Postgraduate - Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.


Business and Economics

Organisational Unit

Department of Economics


Dr Luc Borrowman (Semester 1
Dr Poon Wai Ching (Semester 2)



  • First semester 2016 (Day)
  • Second semester 2016 (Day)


This unit explores:

Microeconomics: scarcity, economic choice, economic systems, economic ideology, demand and supply analysis, consumer behaviour and elasticity, costs of production and profit maximisation, and perfect competition and monopoly.

Macroeconomics: aggregate demand and aggregate supply, Keynesian versus Neoclassical approaches, the money market and monetary policy, the government budget deficit and fiscal policy, the foreign exchange market and exchange rate policy, unemployment and inflation, and current and capital accounts.


The learning goals associated with this unit are to:

  1. develop a basic understanding of the methodology and principles of economics
  2. develop a basic understanding of micro and macro economics
  3. present arguments and make decisions in the economic environment.


Within semester assessment: 40%
Examination: 60%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated reading, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

See also Unit timetable information

Chief examiner(s)

Dr Luc Borrowman (Semester 1)
Dr Poon Wai Ching (Semester 2)


ECF5953, ECF9530