This unit introduces students to the fundamental principles of economics in terms of the micro and macro environments within which businesses operate and the challenge of scarcity facing modern societies. Students will also gain an understanding of domestic and international factors that affect business decision making in a globalised world. Work-integrated learning is central to the unit. Students will undertake a Learning in the Workplace and Community (LiWC) project focusing on economic indicators and making comparisons between two countries. As such, they will develop critical thinking and problem solving skills as well as communication and team work skills. Vocational delivery and assessment methods inform the teaching and learning approaches in this unit. Students will build academic language, literacy and numeracy skills relevant as they engage in teaching and learning activities and assessments for the unit.

Unit details

Location:
Study level:
Undergraduate
Credit points:
12
Unit code:
WDB1004

Learning Outcomes

On successful completion of this unit, students will be able to:
  1. Identify through analysis, the basic problem of scarcity facing modern societies;  
  2. Demonstrate the use of market dynamics models in economic reasoning to solve simple but important economic problems facing contemporary businesses;  
  3. Evaluate the 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;  
  5. Apply elementary economic theories and techniques in real world business decision making and investigate the impact of government policy on proposing these decisions in a globalised world;  
  6. Effectively communicate the economic decision making process incorporating social, cultural and environmental objectives; and  
  7. Clarify key economic concepts and principles by employing appropriate academic language and numeracy skills to demonstrate economic literacy relevant for paraprofessional work in the field.  

Assessment

Assessment type Description Grade
Test Test (0.5 hours) 20%
Assignment Learning in the Work Place or Community (600 words) 30%
Examination Final Examination (2 hours) 50%
NESB students will have an additional 15 minutes reading time in the Examination.

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