Subject details

Students who successfully complete this subject should be able to:

  1. Use economic indicators and models to understand and analyse real-world situations
  2. Use economic concepts and knowledge to understand, explain and evaluate decision making by individuals, firms and government
  3. Describe economic outcomes in markets and how these are affected by market structure and the macroeconomic environment
  4. Identify appropriate business and government strategies to achieve positive outcomes (such as increase profit or reduce market failure or stabilise macroeconomic fluctuations)
  5. Analyse current economic issues and determine/evaluate responses by the relevant economic agents.
    • Economic concepts of opportunity cost and comparative advantage
    • Market behaviour
    • Market failure
    • Macroeconomic indicators
    • Business cycle and economic growth
    • Government stabilisation policy

Equivalent subjects

You cannot enrol in this subject if you have successfully completed any of the following subject(s) because they are considered academically equivalent:

Others

If you are completing Swinburne finance or economics major/co-major you must complete ECO10004 + ECO20004 OR ECO10002 + ECO10003 - not mixtures of these two combinations. You cannot enrol in ECO10004 if you have completed ECO11 as this is equivalent

Special requirements

No special requirements

The aim of this subject is to provide students with an introduction to microeconomic and macroeconomic theory with business and government policy applications. Students will use economic concepts to improve decision making in business and government including; how prices and output are set by firms to maximise profit, and how firms respond to changes in market conditions; how key macroeconomic indicators are used to determine macroeconomic conditions and how this information is used by economic agents; the various mechanisms available to the government and reserve bank to address market failure and adverse changes to macroeconomic conditions.

  • Portfolio — Individual Assessment (40-60%)
  • Invigilated Exam — Individual (40-60%)

Click on the titles of the listed books below to find out more:

Textbook information is pending.

Related degrees

undergraduate SWI-BUS-DEG-2019

Bachelor of Business

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  • Major in Economics (THIS MAJOR IS CURRENTLY IN TEACH-OUT)
  • Major in Finance (THIS MAJOR IS CURRENTLY IN TEACH-OUT)
  • Major in Information Systems
  • Major in Marketing
  • Co-Major in Economics (for Finance students) (THIS CO-MAJOR IS CURRENTLY IN TEACH-OUT)
  • Co-Major in Economics (not for Finance students) (THIS CO-MAJOR IS CURRENTLY IN TEACH-OUT)
  • Co-Major in Finance (cannot be taken with the Finance or Economics Major) (THIS CO-MAJOR IS CURRENTLY IN TEACH-OUT)
  • Co-Major in Finance (for Economics students) (THIS CO-MAJOR IS CURRENTLY IN TEACH-OUT)
  • Co-Major in Information Systems
  • Co-Major in Marketing (cannot be taken with the Marketing Major)