Microeconomics: scarcity; economic choice; economic systems; economic ideology; demand and supply analysis; consumer behaviour and elasticity; costs of production and profit maximisation; 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; the current and capital accounts.
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. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.
analyse and apply fundamental concepts of microeconomics and macroeconomics to evaluate real-world economic issues and public policies
identify and explain key economic methodologies and principles
critically evaluate economic data and construct evidence-based arguments to support decision-making in various economic contexts.
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