Credit Points: 15
Workload: 36 contact hours
Campus: Melbourne, Sydney
Aims & Objectives
This is a first-year core unit offered in the Bachelor of Business program. The unit provides a pathway for students to continue on with a major in Accounting, Marketing or Management.
The aim of this unit is to introduce business students to the fundamental economic principles and demonstrate their practical applications to both microeconomics and macroeconomics problems. This unit is designed to develop students’ understanding of subject specific terms and economic principles as well as to assist students to use fundamental economic models to analyse everyday economic issues and problems.
The unit topics include:
- Fundamental economics concepts, scarcity, choice and opportunity cost
- Demand, supply and market system
- The concept of elasticity and its application
- The market system and resource allocation as well as government intervention and economic efficiency
- Firms behaviour and cost
- Market structures
- Economic growth, Gross Domestic Product, standard of living and business cycle
- Unemployment and inflation
- The aggregate demand and aggregate supply model
- Government policies: monetary policy and fiscal policy
At the completion of this unit students should be able to:
- Demonstrate their understanding of fundamental problem of scarcity facing in an economy.
- Apply the microeconomic concepts of demand and supply, price elasticity, market failure, cost and revenue concepts as well as market structures.
- Apply the macroeconomic concepts such as economic growth, Gross Domestic Product, business cycle, unemployment, inflation, aggregate demand – aggregate supply model and government policies.
- Explain the importance of economic models and key assumptions in economics.
- Apply economic models and assumptions to analyse a given situation and/or media articles on economic issues.
Tutorial/Workshop: 1 hour
Learning Outcomes Assessed
|Contribution in class||a-e*||10%|
|Assignment 1 (individual)||a,b,d,e*||15%|
|Assignment 2 (Group)||a-e*||25%|
|Final Examination (3 hours)||a-e*||50%|
*refer to learning outcomes above.
Layton, A., Robinson, T. & Tucker, I. (2016). Economics for Today, (5th Asia Pacific ed.). Australia: South Melbourne Cengage Learning Pty Limited.
- Gans, J.; Kings, S.; Stonecash, R.; Byford, M.; Libich, J. & Mankiw, N. G. (2015). Principles of Economics, (6th ed.). Australia, South Melbourne: Cengage Learning Pty Limited.
- Hubbard, R.G., Garnett, A., Lewis, P.T., & O’Brien, A.P. (2016). Essentials of Economics (3rd ed.). Australia: Pearson Education.
- Mankiw, N. G. (2012). Essentials of Economics, (6th ed.). USA: South Western Cengage Learning.
- Sloman, J, Norris, K. & Garrett, D. (2013). Principles of Economics (4th ed.). Australia: Pearson Education.
MIT is committed to ensure the course is current, practical and relevant so that graduates are “work ready” and equipped for life-long learning. In order to accomplish this, the MIT Graduate Attributes identify the required knowledge, skills and attributes that prepare students for the industry.
The level to which Graduate Attributes covered in this unit are as follows:
|Ability to communicate||Independent and Lifelong Learning||Ethics||Analytical and Problem Solving||Cultural and Global Awareness||Team work||Specialist knowledge of a field of study|
|The standard is covered by theory and practice, and addressed by assessed activities in which the students always play an active role, e.g. workshops, lab submissions, assignments, demonstrations, tests, examinations|
|The standard is covered by theory or practice, and addressed by assessed activities in which the students mostly play an active role, e.g. discussions, reading, intepreting documents, tests, examinations|
|The standard is discussed in theory or practice; it is addressed by assessed activities in which the students may play an active role, e.g. lectures and discussions, reading, interpretation, workshops, presentations|
|The standard is presented as a side issue in theory or practice; it is not specifically assessed, but it is addressed by activities such as lectures or tutorials|
|The standard is not considered, there is no theory or practice or activities associated with this standard|