Course overview
This course will introduce students to the fundamental principles of economics and its application to analysing individual behaviour, markets and government policy in the macroeconomy. The economic decisions faced by individuals, households, firms and governments; analysis of prices and output determination in the context of markets and incentives; market structures, the strengths and weaknesses of the market mechanism and the role of public policy; business cycles, inflation and unemployment; role of monetary and fiscal policy; trade and the open macroeconomy.
Course learning outcomes
- Describe and utilise the fundamental tools, methods and language of economics to analyse resource allocation issues.
- Explain some of the economic factors underlying individual decision-making, markets and firms.
- Describe the impact of incentives and use economic models to illustrate how agents and markets respond to incentives.
- Identify the limitations of the market mechanism and analyse the role of government in affecting markets and decision-making in the general economy.
- Apply economic principles and concepts to analyse business cycles and monetary and fiscal policy in an open macroeconomy, and to demonstrate the significance of trade and globalisation.
- Demonstrate UniSA Business Enterprise Skills: i) Self-Management (foundation level); ii) Problem Solving (foundation level); iii) Written Communication (foundation level) and iv) Oral Communication (foundation level).