Economic Concepts and Application

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

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: 20%
Multiple choice questionnaire (Online)
Assessment type: Test
|
Grade: 30%
In-class Test
Assessment type: Assignment
|
Grade: 25%
Analytical Macroeconomics Assignment
Assessment type: Test
|
Grade: 25%
Test (Online)

Other locations

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

The delivery model of this unit allows students to take responsibility for their learning by accessing resources and completing activities using in person facilitated sessions that progress and apply the learning. The five contact hours provides students with an opportunity to learn in a supervised and guided classroom atmosphere with the instructor and peer support. 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 students 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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