ECON200 - Economics: Policy Frameworks and Markets

Year

Credit points

Campus offering

Prerequisites

Nil

Incompatible

ECOD200 Economics: Policy Frameworks and Markets , ECON104 - Business Economics, ECON105 - Economics for Business

Teaching organisation

150 hours over a twelve-week semester or equivalent study period

Unit rationale, description and aim

This unit aims to develop an understanding of the key principles and tools that economists use to interpret the role of economics in business, and critically analyse economic policies that impact on Australia and the global economy.

All economic questions arise because societies and individuals want more than we can get. Economics therefore is the study of how to use scarce resources in the best way possible to meet our needs and wants. Economists study the decisions and interactions of individuals and businesses in markets, and how they allocate those scarce resources. Economics also examines how governments can either obstruct or improve market outcomes, and how government decisions effect the overall well-being of society and the common good. Other issues that economists examine are unemployment, inflation, economic growth and international trade.

As individuals, we are always making decisions on a wide variety of economic problems of personal, local, state, national and international significance. By studying economics, students will gain knowledge and skills that are relevant for living in modern Australian society and are useful for a range of careers including those in commerce, industry, education and government.

Learning outcomes

To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.

Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.

Explore the graduate capabilities.

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

LO1 - Identify and explain economic systems and the concept of resource allocation, including the role of ethical values and human dignity in economic decisions (GA1, GA5)

LO2 - Describe the fundamental principles of microeconomics and macroeconomics collaboratively (GA5, GA7)

LO3 - Identify and explain the role of individuals and businesses in different types of market structures, including perfect competition, monopolistic competition, monopoly, and oligopoly (GA5, GA6)

LO4 - Analyse the effect of changes in macroeconomic indicators on business activity (GA5, GA8)

LO5 - Compare and contrast economic theories and concepts with contemporary social and environmental issues as well as formulation and analysis of policy taking local and global perspectives into account (GA4, GA5)

Graduate attributes

GA1 - demonstrate respect for the dignity of each individual and for human diversity

GA4 - think critically and reflectively

GA5 - demonstrate values, knowledge, skills and attitudes appropriate to the discipline and/or profession 

GA6 - solve problems in a variety of settings taking local and international perspectives into account

GA7 - work both autonomously and collaboratively

GA8 - locate, organise, analyse, synthesise and evaluate information 

Content

Topics will include: 

• markets, demand, supply and price including elasticity
• comparative advantage
• market structures, including perfect competition, monopolistic competition, oligopoly and monopoly
• market failures and government intervention
• government allocation of resources to areas such as health services and the environment
• GDP, income, economic growth, and employment
• fiscal and monetary policy
• international trade and organisation
• balance of payments and exchange rates
• financial markets

Learning and teaching strategy and rationale

This unit is predicated on an inquiry approach model. Through the processes of inquiry students develop Economic literacy, i.e. economic knowledge and the skills of communication required to comprehend, analyse, synthesise and evaluate economic data, use economic reasoning, including cost/benefit analysis, and to report findings on a range of increasingly complex economic issues and propose possible and preferred responses and policy options. Developing skills in information communications technology will help students to use the processes of inquiry more effectively.

Mode of delivery: This unit is offered in different modes. These are: “Attendance” mode, “Blended” mode and “Online” mode. This unit is offered in three modes to cater to the learning needs and preferences of a range of participants and maximise effective participation for isolated and/or marginalised groups.

Attendance Mode

This unit is taught in a flipped classroom format and will require face-to-face attendance in specific physical location/s. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops, most students report that they spend an average of one hour preparing before the workshop and one or more hours after the workshop practicing and revising what was covered. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for students to prepare and revise. It is up to individual students to ensure that the out of class study is adequate for the optimal learning outcomes and successes.

Blended Mode

In a blended mode, students will require intermittent face-to-face attendance determined by the School. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for students to prepare and revise.  

ACU Online

This unit uses an active learning approach to support students in the exploration of knowledge essential to the discipline. Students are provided with choice and variety in how they learn. Students are encouraged to contribute to asynchronous discussions. Active learning opportunities provide students with opportunities to practice and apply their learning in situations similar to their future professions. Activities encourage students to bring their own examples to demonstrate understanding, application and engage constructively with their peers. Students receive regular and timely feedback on their learning, which includes information on their progress.

Assessment strategy and rationale

In order to pass this unit, students are required to achieve an aggregate mark of at least 50%. Marking will be in accordance with a rubric specifically developed to measure student levels of achievement of the learning outcomes for each item of assessment. Students will also be awarded a final grade which signifies their overall achievement in the unit. The assessment strategy for this unit allows students to sequentially develop their knowledge and skills in Economics to the point where they can effectively analyse modern issues from an Economist’s perspective.

In order to develop this level of capability, students will demonstrate their knowledge of Microeconomics in an analytical report, further develop their understanding of Macroeconomics through an article critique, and then apply their knowledge and understanding of both Micro and Macroeconomics in the final assessment task.

The assessment tasks for this unit are designed for students to demonstrate their achievement of each learning outcome as indicated in the following assessment table. The overview of the assessment table is provided below under different delivery modes.

Overview of assessments

Attendance and Blended Mode:;

Online and ACU Online Mode:

Representative texts and references

Baye, MR 2022, Managerial economics and business strategy, 10th edn, McGraw Hill, New York, NY. 

Gans J, King S, Stonecash RE & Mankiw N 2018, Principles of economics, 7th edn, Cengage Learning Australia, Melbourne.  

Gerber, J 2018, International economics, 9th edn, Pearson Education, Upper Saddle River, NJ.  

Hubbard, G Lewis, L 2019, Essentials of economics, 4th edn, Pearson, Frenchs Forest ISBN: 9781486022847 

Layton, A, Robinson, T & Tucker, IB 2018, Economics for today, 6th edn, Cengage Learning, South Melbourne, VIC. 

Salvatore, D 2018, Managerial economics in a global economy, 9th edn, Oxford University Press, Oxford.