This unit of study introduces students to the fundamental principles of economics and their application to business decision making and development of economic policy. Students will be introduced to the economic way of thinking and how key concepts, theories and methods of modern economic analysis can be applied to everyday economic issues and problems. The unit will support students to develop skills enabling them to apply economics principles to a range of common problems in a variety of contexts and will assist in developing a range of transferable skills to be of value in further study and employment. The learning and teaching in the unit supports and prepares students for further study and the workplace through the scaffolded development of academic and professional skills.

Unit details

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Learning Outcomes

On successful completion of this unit, students will be able to:
  1. Discuss the basic fundamental problem of scarcity facing modern societies;  
  2. Demonstrate the developing use of the market dynamics model in economic reasoning and problem solving;  
  3. Analyse key forces that influence economic decision making for sustainable use of resources;  
  4. Evaluate key economic indicators relevant to business, household and government for sustainable development; and  
  5. Apply and explain elementary economic theories and techniques in business decision making and government policy, incorporating social, cultural and environmental objectives.  


Melbourne campuses

Students studying under the VU Block Model.

Assessment type Description Grade
Test In-class multiple choice and short answer questions (x2 progressive assessments) 15% and 10% respectively 25%
Assignment Analytical Economics Assignment (x2 progressive assessments) 25% each 50%
Test End of Block Test – (paper based) 25%

Other locations

Assessment type Description Grade
Assignment Analytical Assignment (1000 words) 25%
Test Class Test (500 words) 15%
Test Class Test (500 words) 10%
Examination Final Exam (1500 words) 50%

Where to next?

As part of a course

This unit is studied as part of the following courses. 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.