This subject will inform you about major issues and institutions in the Australian economy. It aims to help you:
Gain an understanding of economics as a field of study, and consider issues from an economic perspective
Learn the basic concepts and principles of economics
Obtain knowledge of major aspects of the Australian economic system
Develop a capacity to think analytically, and discuss and write effectively about economics.
Course Outline
Semester 1: Microeconomics
The nature and method of economics
Supply and demand analysis in the competitive market
Applications fo the competitive model
The concept of market structure
Perfect competition, monopoly, oligopoly and monopolistically competitive markets
Market failure
Semester 2: Macroeconomics
Monitoring and understanding the macroeconomy
GDP as a measure of total production and income, economic growth, jobs and unemployment, CPI and inflation rate, money and the banking system, aggregate expenditure multiplier and the exchange rate
Macroeconomic policies
Assessment
Exam: 10%
Mid-semester test: 20%
Final exam: 60%
Attendance and participation: 10%