Course overview
This course provides an introduction to a broad range of economic concepts, theories and analytical techniques. It considers both microeconomics - the analysis of choices made by individual decision-making units (households and firms) - and macroeconomics - the analysis of the economy as a whole. The use of a market, supply and demand, model will be the fundamental model in which trade-offs and choices will be considered through comparison of costs and benefits of actions. Production and market structure will be analysed at the firm level. Macroeconomic issues regarding the interaction of goods and services markets, labour and money at an aggregate level will be modelled. The role of government policy to address microeconomic market failures and macroeconomic objectives will be examined.
Course learning outcomes
- Demonstrate knowledge and understanding of core economics concepts, tools and models
- Apply economic concepts to real world scenarios, and use that analysis to make informed judgements and decisions
- Interpret, analyse and depict economic information in diagrams, tables and graphs
- Communicate economic knowledge, ideas and analysis, both orally and in writing
- Reflect on the nature and implications of assumptions and value judgements in economic analysis and policy