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
*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