Economic Principles

Unit code: BEO1105 | Study level: Undergraduate
12
(Generally, 1 credit = 10 hours of classes and independent study.)
City Campus
City Flinders
Footscray Park
Online Real Time
VU Sydney
N/A
Overview
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Overview

This unit introduces students to the fundamental principles of economics and its application to, business decision making and 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. Key areas covered include demand and supply analysis, the competitive nature of markets within which firms operate, the national economy, business cycles, inflation, unemployment, and monetary and fiscal policy. Particular emphasis is placed on reviewing contemporary economic issues and how economics permeates almost every aspect of business, highlighting economics as the fundamental discipline underpinning the study of most business specialisations. The unit will stimulate students intellectually, leading them to apply economics to a range of problems in a variety of contexts and will develop a range of transferable skills to be of value in employment.

Learning Outcomes

On successful completion of this unit, students will be able to:

  1. Identify and discuss the basic problem of scarcity facing modern societies;
  2. Demonstrate the use of market dynamics model in economic reasoning and problem solving;
  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 business decision making and government policy; and
  6. Communicate the economic decision making process incorporating social, cultural and environmental objectives.

Assessment

For Melbourne campuses

Assessment type: Assignment
|
Grade: 30%
Reflective progressive assessment 1
Assessment type: Assignment
|
Grade: 30%
Reflective progressive assessment 2
Assessment type: Assignment
|
Grade: 40%
Reflective progressive assessment 3

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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