Economic Concepts and Application

Unit code: BEO1001 | Study level: Undergraduate
Credit points
12
(Generally, 1 credit = 10 hours of classes and independent study.)
Location
City Campus
Footscray Park
India Online
VU Brisbane
VU Online
VU Sydney
Prerequisites
N/A
Overview
Enquire

Overview

Discover microeconomic and macroeconomic theories, with the Economic Concepts and Application unit.

In this unit, you will apply economic concepts to common household, business and government decisions, examining the following questions:

  • How do firms set prices and outputs to maximise profit?
  • How do changes in the market impact decision-making?
  • When does the market fail, and what are the implications on sustainable economic growth and society?
  • What are the impacts of macroeconomic conditions and government policies on economic agents?

By the end of the unit, you will have a range of valuable, transferable career skills grounded in effective understanding of economic mechanisms.

Learning Outcomes

On successful completion of this unit, students will be able to:

  1. Review and discuss the basic problem of scarcity facing modern societies and the use of market dynamics models in economic reasoning and problem solving;
  2. Apply economic concepts and knowledge to understand, explain and assess decision making by individuals, businesses, and government;
  3. Investigate and review key economic indicators relevant to business, household and government for sustainable development;
  4. Discuss the importance of social and environmental objectives in economic decision making;
  5. Elaborate on government economic policies and their impact on households and businesses; and,
  6. Participate in an academic community through reflective and critical engagement in academic texts and understanding of principles of academic integrity.

Assessment

For Melbourne campuses

Assessment type: Presentation
|
Grade: 10%
Presentation (Group)
Assessment type: Timed Assessment Task
|
Grade: 30%
2 progressive assessments
Assessment type: Assignment
|
Grade: 30%
Reflective journals – 2 progressive assessment
Assessment type: Timed Assessment Task
|
Grade: 30%
In-class assessment piece
Assessment type: Other
|
Grade: 0%
Evidence of completion of the Academic Integrity Modules

Other locations

For students studying at Central University of Finance and Economics, Henan University, Liaoning University, National School of Business Management, Colombo
Assessment type: Assignment
|
Grade: 20%
Assignment
Assessment type: Test
|
Grade: 20%
Class Test
Assessment type: Examination
|
Grade: 60%
Final Examination
Assessment type: Other
|
Grade: 0%
Evidence of completion of the Academic Integrity Modules
For students studying at VU Online
Assessment type: Report
|
Grade: 30%
Report on economic concepts
Assessment type: Assignment
|
Grade: 30%
Reflective journal
Assessment type: Review
|
Grade: 40%
Policy impacts on households and businesses
Assessment type: Other
|
Grade: 0%
Evidence of completion of the Academic Integrity Modules

Required reading

Economics for Today
Layton, A., Robinson, T., and Tucker, B.T. (2021)| Cengage Learning, South Melbourne, Australia

As part of a course

This unit is studied as part of the following course(s):

Bachelor of Accounting
BBAQ | Bachelor degree | Duration: 3 years
Bachelor of Business
BBNS | Bachelor degree | Duration: 3 years
Bachelor of Laws (Honours)/Bachelor of Business
LHWB | Bachelor honours degree | Duration: 5 years
Bachelor of Laws/Bachelor of Business
LBWB | Bachelor degree | Duration: 5 years
Bachelor of Psychological Studies/Bachelor of Business
ABPB | Bachelor degree | Duration: 4 years
Bachelor of Sport Management/Bachelor of Business
SBSB | Bachelor degree | Duration: 4 years

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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