Economic Concepts and Application

    Unit code: VBE1009 | Study level: Undergraduate
    Credit points
    12
    (Generally, 1 credit = 10 hours of classes and independent study.)
    Location
    AVENU India
    City Campus
    VU Brisbane
    VU Sydney
    Prerequisites
    N/A
    Overview
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    Overview

    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.

    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: Test
    |
    Grade: 10%
    Eight (8) Topic Quizzes
    Assessment type: Test
    |
    Grade: 20%
    Online multiple choice questionnaire
    Assessment type: Project
    |
    Grade: 20%
    Integrated Microeconomic Assessment
    Assessment type: Assignment
    |
    Grade: 25%
    Analytical Macroeconomics Assignment
    Assessment type: Test
    |
    Grade: 25%
    End of Block Test (Online)

    Other locations

    For students studying at AVENU India
    Assessment type: Assignment
    |
    Grade: 20%
    Reflection on contemporary economic issues
    Assessment type: Review
    |
    Grade: 30%
    Evaluation of a contemporary economic issue
    Assessment type: Report
    |
    Grade: 50%
    Applying decision-making models to contemporary economic issues

    This unit will adopt self-paced learning where students participate in learning activities online across the block. Students will be able to conduct learning activities at a time that suits them provided the learning activities are completed by the required time. This unit will adopt a student-centred learning model where learning comes from network of relationships between instructors, peers, and industry sources. It is expected that students allocate approximately 20 hours per week for online activities and independent study.

    For students studying at Henan University, Liaoning University
    Assessment type: Assignment
    |
    Grade: 25%
    Analytical Assignment
    Assessment type: Test
    |
    Grade: 15%
    Class Test
    Assessment type: Test
    |
    Grade: 10%
    Class Test
    Assessment type: Examination
    |
    Grade: 50%
    Final Exam

    This unit of study will be delivered as three and two hour face-to-face blocks. Learning strategies will include class discussion, on-line discussion based forums, reading and research, on-line activities and paper-based activities. It is expected that students will spend at least ten hours per week studying this unit of study (including lecture and tutorial time). This time should be made up of reading, research, working on exercises and group work. In periods where you need to complete assignments or prepare for tests, the workload may be greater.

    Required reading

    Selected readings will be made available via VU Collaborate.

    As part of a course

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

    Diploma of Business (Enterprise)
    VDBE | Diploma | Duration: 1 year

    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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