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.
Critically explain economic systems and the concep...
Learning Outcome 01
Apply the fundamental principles of microeconomics...
Learning Outcome 02
Analyse the role of individuals and businesses in ...
Learning Outcome 03
Analyse the effect of changes in macroeconomic ind...
Learning Outcome 04
Evaluate economic theories and concepts in relatio...
Learning Outcome 05
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.
Assessment strategy and rationale
In order to pass this unit, students must achieve an aggregate mark of at least 50%. Marking will follow a rubric designed to measure student levels of achievement of the learning outcomes for each assessment. A final grade will reflect overall performance in the unit. The assessment strategy supports progressive development of economic knowledge and skills, culminating in students’ ability to analyse contemporary issues from an economist’s perspective.
In Assessment One students will demonstrate Microeconomics understanding through an analytical report. Assessment Two will extend their Macroeconomic skills through a critique of a current article. Assessment Three will enable them to apply both Micro and Macroeconomic concepts.
These assessments are designed not only to measure knowledge but also to foster ethical academic behaviour and independent thinking in the study of Economics.
Strategies aligned with transition pedagogies will be utilised to facilitate successful completion of the unit assessment tasks. For each assessment, there will be the incorporation of developmentally staged tasks with a focus on a progressive approach to learning. This will be achieved through activities, including regular feedback, particularly early in the unit of study to support their learning; strategies to develop and understand discipline-specific concepts and terminology; in-class practice tasks with integrated feedback; and greater peer-to-peer collaboration.
Overview of assessments
Assessment 1: Written Report This assessment req...
Assessment 1: Written Report
This assessment requires students to apply knowledge on the fundamental principles of microeconomics and macroeconomics, including the application of the role of ethical values and human dignity in economic decisions.
Submission type: Individual
Assessment method: Online engagement and completion of regular learning tasks
Artefact: Portfolio evidencing engagement
30%
Assessment Task 2: Individual Presentation This ...
Assessment Task 2: Individual Presentation
This task requires students to to present on contemporary economic issues. Students will apply their knowledge to a real-life case study considering relevant economic theories.
Submission type: Individual
Assessment method: Presentation
Artefact: Presentation
30%
Assessment Task 3: Final Exam This task requires...
Assessment Task 3: Final Exam
This task requires students to undertake an invigilated examination during the exam period.
Submission type: Individual
Assessment method: Presentation
Artefact: Written Response
40%
Learning and teaching strategy and rationale
Students should anticipate undertaking 150 hours of study for this unit over the study period, including but not limited to class attendance, readings, online forum participation and assessment preparation.
Mode of delivery: This unit is delivered in different modes to accommodate learning needs and preferences of a range of participants to maximise effective participation for isolated and/or marginalised groups, and to ensure students progressively build their skills in AI-driven business applications throughout the semester.
Multi-mode: Students will engage in structured face-to-face learning sessions scheduled by the school, integrating active learning strategies to build knowledge in core economic areas such as markets, demand, supply, price elasticity, and market structures (perfect competition, monopolistic competition, oligopoly, monopoly). Hands-on activities will cover topics like market failures, government intervention, fiscal and monetary policy, GDP, economic growth, international trade, financial markets, and exchange rates.
ACU Online: This unit delivers content online through e-modules, pre-recorded lectures, and interactive activities covering the aforementioned topics. 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 weekly 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.
Further to this, to ensure students are ready to transition from the Diploma and articulate into the second year of undergraduate study, transition pedagogies will be incorporated into the unit as the key point of differentiation from the standard unit. This focuses on an active and engaging approach to learning and teaching practices, and a scaffolded approach to the delivery of curriculum to enhance student learning in a supportive environment. This will ensure that students develop foundation level discipline-based knowledge, skills and attributes, and simultaneously the academic competencies required of students to succeed in this unit.