Studying economics will give you a good understanding of current economic challenges and equip you with the essential technical skills and framework to address them. This unit will introduce you to basic concepts in microeconomics and macroeconomics and their application to real world phenomena. In the microeconomics part, you will study the behaviour of individual economic units (such as households and firms) in the market and how government policies affect them. You will also learn about key macroeconomic indicators such as inflation and unemployment and how macroeconomic policies can be used to achieve national economic objectives. You will develop an insight into the economic way of thinking and learn how economics can be used to analyse every day economic problems and inform policy.

Learning outcomes

After successful completion of this unit, students will be able to:
1. Demonstrate how businesses can use economic models in their decision making;
2. Identify the factors that affect the demand and supply for goods and services in the market and explain how changes in these factors affect the market equilibrium price and quantity;
3. Analyse how government intervention in the market, for example through imposition of taxes or price ceilings, affect the behaviour of consumers and producers;
4. Analyse efficient production decisions under different types of market structures and identify when and why markets fail to perform efficiently;
5. Describe macroeconomic aggregates such as GDP, unemployment, and inflation and outline how government and central bank policies affect these variables; and
6. Review and communicate the outcome of economic research and analysis.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - communicate effectively in diverse cultural and social settings
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
2. UC graduates are global citizens - think globally about issues in their profession
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - be self-aware
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development

Prerequisites

None.

Corequisites

None.

Incompatible units

None.

Equivalent units

6355 Introduction to Economics

Assumed knowledge

None.