6 points, SCA Band 3, 0.125 EFTSL
Undergraduate - Unit
Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.
Faculty
Organisational Unit
Chief examiner(s)
Dr Wayne Geerling
(First semester)
Dr George Rivers
(Second semester)
Professor Mark Crosby
(City)
Coordinator(s)
Dr Wayne Geerling
(First semester)
Dr George Rivers
(Second semester)
Dr Ying Zhou
(City)
Unit guides
Offered
- First semester 2019 (On-campus)
- Second semester 2019 (On-campus)
- Trimester A 2019 (On-campus)
- Trimester B 2019 (On-campus)
- Trimester C 2019 (On-campus)
Synopsis
Economics as an area of knowledge. Economics in a business degree. Understanding economic policy. An analysis of markets: supply and demand; consumer behaviour; firm behaviour; cost of production and profit maximisation; behaviour of firms in different market structures; evaluation of market capitalist economic systems, economic efficiency, market failure, government failure; current economic policies, competition policy, privatisation and the funding of education.
Outcomes
The learning goals associated with this unit are to:
- understand the economic behaviour of individual consumers and producers
- understand concepts relating to the cost of production in both the short and long run
- explain the determinants of price and output outcomes under different market structures in both the short and long run and the welfare implications of these outcomes
- describe the virtues and shortcomings of free markets and how the regulatory and political environments impact on business
- understand how economic policies can be used to overcome market failure.
Assessment
Within semester assessment: 50% + Examination: 50%
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 readings, 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