Economics considers how to allocate scarce resources to maximise people's welfare. Microeconomics examines decisions of individuals, business and government, and the structure of industries and markets. Macroeconomics examines behaviour of the economy as a whole, such as economic growth, inflation and unemployment. Understanding these drivers allows managers to set business and government strategy.
Economics and business strategy is listed in the Bachelor of Business at Caulfield as a major or minor.
In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:
- demonstrate an understanding of core economic theories; and be able to apply economic analysis and the economic way of thinking to assist decisions in specific business strategy contexts.
Major requirements (48 points)
No more than 12 points at level 1 may be credited to a major and at least 18 points must be credited to the major at level 3.
- The following four units (24 points):
- At least three units (18 points) from the following:
- ECF3120 Consumer economics
- ECF3121 Economics of international trade
- ECF3143 Economics of money and banking
- ECF3900 Business, competition and regulation
- One unit (6 points) from (b) not previously completed or from the following:*
Minor requirements (24 points)
- any four units (24 points) with the prefix ECF or ECX and be offered at the Caulfield campus, with at least two units (12 points) at level 2 or 3
Successful completion of the major can be counted towards meeting the requirements for the following single degree:
- B2000 Bachelor of Business
Students in this course can complete the minor using 24 points of their free electives.*
Students in other single bachelor's degrees may be eligible to complete the minor or major by using 24 or 48 points of their free electives.
Successful completion of the major can be counted towards meeting the requirements for the Bachelor of Business component in the following double degrees:
- B2017 Bachelor of Business and Bachelor of Information Technology
- B2019 Bachelor of Business and Bachelor of Arts
- B2028 Bachelor of Business and Bachelor of Media Communication
- B2035 Bachelor of Business and Bachelor of Banking and Finance
- B2037 Bachelor of Business and Bachelor of Marketing
- B2040 Bachelor of Business and Bachelor of Accounting
- B2041 Bachelor of Business and Bachelor of International Business
- D3007 Bachelor of Education (Honours) and Bachelor of Business
- F2007 Bachelor of Fine Art and Bachelor of Business