Dive into micro and macroeconomic theory. Chart their potential applications in the business sector and in government policy.
Apply economic knowledge to assess decisions made by firms and governments in the face of changing market conditions.
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Students who successfully complete this subject should be able to:
- Use economic indicators and models to understand and analyse real-world situations
- Use economic concepts and knowledge to understand, explain and evaluate decision making by individuals, firms and government
- Describe economic outcomes in markets and how these are affected by market structure and the macroeconomic environment
- Identify appropriate business and government strategies to achieve positive outcomes (such as increase profit or reduce market failure or stabilise macroeconomic fluctuations)
- 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
You should not enrol in this subject if you have successfully completed any of the following subject(s) because they are considered academically equivalent:
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
No additional 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%)
- Final Assessment (TBC) (40-60%)