Economic Concepts and Application

Unit code: BEO1001 | Study level: Undergraduate
12
(Generally, 1 credit = 10 hours of classes and independent study.)
City Campus
Footscray Park
VU Brisbane
VU Sydney
N/A
Overview
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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; and,
  5. Elaborate on government economic policies and its impact on household and business.

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

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
For students studying at Sunway College Johor Bahru
Assessment type: Assignment
|
Grade: 20%
Assignment
Assessment type: Test
|
Grade: 30%
Class Test
Assessment type: Examination
|
Grade: 50%
Final Examination

Required reading

Economics for Today
Layton, A., Robinson, T., and Tucker, B.T. (2018)| Cengage Learning, South Melbourne, Australia

As part of a course

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

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