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EC101 Economics

DESCRIPTION

The unit places economics in the setting of the real world, bringing the subject alive and giving students an understanding into the economy in which we live and the economic forces that shape our lives. Students will get a handle on the fundamental standards of macroeconomics and microeconomics with the goal that they can comprehend economic events and the analysis of the different economic agent included, and their impact on business sectors and propose suitable game-plans.


RELEVANT COURSES

Bachelor of Accounting*


*Core unit


CREDIT POINTS

10


DELIVERY MODE

On campus

Intensive

Extensive


PREREQUISITE OR CO-REQUISITE

Nil


UNIT LEARNING OUTCOMES

LO1 Graphically illustrate the nature and scope of the discipline of microeconomics, theory of demand and supply, elasticity, and how consumers make choices to maximise utility

LO2 Illustrate graphically and interpret as to   how the cost and revenue curves are determined and producers try to maximise profits

LO3 Compare and contrast the four different market structures, and rate each in terms of efficiency in the allocation of resources

LO4 Analyse various type of market failure and appropriate government intervention

LO5 Evaluate the contemporary macroeconomic goals of the 21st century and demonstrate how Gross Domestic Product (GDP) is calculated

LO6 Analyse fiscal and monetary policies that can be used to stabilise macro-economic problems in order to manage aggregate demand, inflation and stabilise the  economy


CONTENT

  • Economic issues

  • Markets, demand, and supply

  • Background to supply

  • Perfect competition and monopoly

  • Imperfect competition

  • Market failures and government policy

  • Wages and employment

  • Introduction to macroeconomics

  • The determination of gross domestic product

  • Banking, inflation, and macroeconomic policy

  • Globalisation and international trade


ASSESSMENT METHODS

1. Online Quizzes - 20%

2. Group Case Study - 30%

3. Exam - 50%


PRESCRIBED READINGS

Layton, A., Robinson, T., Tang, T., Dharmaratna, D., Tucker, I. B. (2022). Economics for today (7thAsia-Pacific edition). Melbourne: Cengage Learning Australia.


Check with the lecturer each semester before purchasing any textbooks

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